CORN COMMENTS
The national average corn basis slipped 1 cent to 1/2 cent above September futures. The national cash corn index price rose 15 cents from last Wednesday to $4.73 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 firmed 1 1/2 cents from last week to 12 1/2 cents above November futures. The national cash soybean index price rose 55 1/2 cents to $12.49 1/2.
National basis is now firmer than the three-year average of 11 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 8 1/2 cents to 54 1/2 cents below September futures. The average cash price rose 19 1/4 cents to $6.25 3/4. SRW basis is now weaker than the three-year average of 48 cents below September futures.
The national average hard red winter (HRW) wheat basis widened 1 1/2 cents to 51 3/4 cents below September futures. The average cash price rose 39 3/4 cents to $7.10 1/4. HRW basis is slightly firmer than the three-year average of 54 3/4 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 77.71 cents last week, up from 76.15 cents the previous week. Last year at this time the weekly cotton spot price was 63.30 cents. USDA reported transactions of 2,471 bales last week, down from 3,508 bales reported the week prior and compared to 4,748 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 503 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $228.52 last week, down $6.69 from the previous week. Last year at this time cash cattle averaged $242.01. USDA has reported very light cash trade with steers averaging $225.85 so far this week.
Choice boxed beef rose $22.71 over the past week to $394.99 as demand from the Labor Day holiday acts as a positive seasonal factor. Last year on this date, choice beef was $407.20.
HOG COMMENTS
The average lean hog carcass price was down $2.71 over the last week and stands at $94.11. Last year on this day the lean hog carcass value was $109.71.
The pork cutout value fell $2.57 over the past week to $97.58, according to this afternoon’s report. Last year at this time the pork cutout value was $112.41.