CORN COMMENTS
The national average corn basis strengthened 1 cent to 12 cents above September. The national cash corn index price gained 14 cents from last Wednesday to $4.47 1/4.
National basis is weaker than the three-year average of 21 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 3/4 cents from last week to 11 1/2 cents above August futures. The national cash soybean index price surged 63 1/2 cents to $12. 04 1/2 following the string of gains in futures as Chinese interest in U.S. soybeans has picked up.
National basis is weaker than the three-year average of 17 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 3 cents to 22 3/4 below September futures. The average cash price rose 10 3/4 cents to $5.84 3/4. SRW basis is now firmer than the three-year average of 39 1/4 cents below September futures.
The national average hard red winter (HRW) wheat basis firmed 3/4 cents to 54 1/2 cents below September futures. The average cash price rose 11 cents to $5.91. HRW basis is slightly weaker than the three-year average of 52 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 69.51 cents last week, down from 70.84 cents the previous week. Last year at this time the weekly cotton spot price was 65.19 cents. USDA reported transactions of 3,865 bales last week, up from 592 bales reported the week prior and compared to 6,904 from the same period a year prior.
Basis was unchanged from last week at 560 basis points under the October contract and is near in-line with the three-year average of 561 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $255.12 last week, down $4.22 from the previous week. Last year at this time cash cattle averaged $229.43. USDA has no reportable trades of live slaughter cattle thus far this week.
Choice boxed beef fell $10.06 over the past week to $381.20. Last year on this date, choice beef was $393.04.
HOG COMMENTS
The average lean hog carcass price was up 73 cents over the last week and stands at $97.79. Last year on this day the lean hog carcass value was $111.68.
The pork cutout value gained $2.45 over the past week to $98.16, according to this afternoon’s report. Last year at this time the pork cutout value was $112.01.