CORN COMMENTS
The national average corn basis slipped 5 cents to 2 1/2 cents above September futures. The national cash corn index price rose 6 cents from last Wednesday to $4.62 1/2.
National basis is weaker than the three-year average of 20 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 13 cents from last week to 6 1/2 cents above November futures. The national cash soybean index price fell 14 1/4 cents to $11.82.
National basis is now weaker than the three-year average of 9 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 4 1/4 cents to 30 1/2 below September futures. The average cash price fell 14 1/4 cents to $6.11 3/4. SRW basis remains firmer than the three-year average of 46 cents below September futures.
The national average hard red winter (HRW) wheat basis was slipped half a cent to 52 1/2 cents below September futures. The average cash price fell 12 3/4 cents to $6.60 3/4. HRW basis is slightly firmer than the three-year average of 57 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 73.70 cents last week, up from 73.39 cents the previous week. Last year at this time the weekly cotton spot price was 63.72 cents. USDA reported transactions of 817 bales last week, down from 2,299 bales reported the week prior and compared to 3,785 from the same period a year prior.
Basis was unchanged from last week at 521 basis points under the October contract and is slightly wider than the three-year average of 512 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $233.06 last week, up $2.58 from the previous week. Last year at this time cash cattle averaged $243.17. USDA has reported light cash trade with steers averaging $235.00 so far this week, up $1.94 from last week’s average.
Choice boxed beef rose $4.54 over the past week to $367.97, marking the first week-over-week increase since mid-June. Last year on this date, choice beef was $369.94.
HOG COMMENTS
The average lean hog carcass price was down $1.73 over the last week and stands at $99.60. Last year on this day the lean hog carcass value was $113.10.
The pork cutout value fell 73 cents over the past week to $101.05, according to this afternoon’s report. Last year at this time the pork cutout value was $116.57.