CORN COMMENTS
The national average corn basis firmed 3/4 cent 8 cents above May futures. The national cash corn index price increased 14 3/4 cents from last Wednesday to $4.49 3/4.
National basis is firmer than the three-year average of 2 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 5 1/2 cents to 11 1/4 cents below May futures. The national cash soybean index price is up 37 cents from last week at $11.53 1/2.
National basis is weaker than the three-year average of 2 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 9 1/4 cents to 40 1/2 cents below May futures. The average cash price increased 12 3/4 cents to $5.28 1/2. SRW basis remains firmer than the three-year average of 44 3/4 cents under futures despite the widening this week.
The national average hard red winter (HRW) wheat basis widened 6 3/4 cents to 84 1/2 cents below May futures. The average cash price increased 6 1/4 cents to $4.79 1/2. HRW basis continues to be weaker than the three-year average of 50 1/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 58.46 cents, down 50 points from the previous week. Last year at this time the weekly cotton spot price was 63.05 cents. USDA reported transactions of 62,666 bales last week, up from 54,118 bales reported the week prior and compared to 23,999 from the same period a year prior.
Basis widened 21 points and now sits at 310 points under the May board, and just slightly firmer than the three year average of 362 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $246.91 last week, up $1.29 from the previous week. USDA has indicated no reportable cash trade thus far this week this week, continuing a trend that has been in place for some time. Cash negotiations should pick up later in the week once again.
Choice boxed beef increased $15.43 over the past week to $379.23. Boxed beef is seeing a sharp uptick after failing to follow cattle prices higher in recent weeks. Last year on this day choice beef was $314.32.
HOG COMMENTS
The average lean hog carcass price was up $3.35 over the last week and currently stands at $91.01. Last year’s lean carcass price on this date was $90.49.
The pork cutout value gained $2.06 over the past week to $97.62 according to this afternoon’s report. Last year at this time, the cutout price stood at $95.65.