CORN COMMENTS
The national average corn basis strengthened 3 1/4 cents to 6 cents above March futures. The national cash corn index price increased 3 cents from last Wednesday to $4.27 3/4. After futures prices dropped last week, basis firmed in order to stimulate some farmer selling.
National basis is firmer than the three-year average of 3/4 of a cent cent below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1 1/2 cents to 8 1/2 cents below March futures. The national cash soybean index price is up 24 1/4 cents from last week at $10.56. Soybean futures have been in a slow daily uptrend over the past week, driving most of the increase.
National basis is weaker than the three-year average of 2 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 3/4 of a cent to 27 3/4 cents below March futures. The average cash price decreased 3 1/2 cents to $4.80 1/4. SRW basis still remains firmer than the three-year average of 45 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1 3/4 of a cent to 71 3/4 cents below March futures. The average cash price decreased 1 1/4 cents to $4.47 1/4. HRW basis continues to be weaker than the three-year average of 51 3/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 61.08 cents, up 18 points from the previous week. Last year at this time the weekly cotton spot price was 63.23 cents. USDA reported transactions of 105,975 bales last week, down from 163,163 bales reported the week prior.
Basis strengthened 4 points to 367 points under the March board, slightly wider than the three year average of 311 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $232.50 last week, up 64 cents from the previous week. USDA has reported light cash trade so far this week, with that trade averaging $233.00. Cash markets have not flinched so far over concerns that New World Screwworm approaching the U.S. border may impact consumer demand.
Choice boxed beef gained $7.58 over the past week to $366.11. Last year on this day choice beef was $332.05. Choice beef has notched three weeks of consecutive increases after seeing mostly downward to mixed price action since late September of last year.
HOG COMMENTS
The average lean hog carcass price was up $8.41 over the last week and currently stands at $82.89. Last year’s lean carcass price on this date was $79.93.
The pork cutout value gained $2.69 over the past week to $93.98 according to this afternoon’s report. Last year at this time, the cutout price stood at $90.21. The lean hogs index look to have put in a later than usual seasonal bottom, having notched gains each day since January 14th, and is currently at $82.03.