CORN COMMENTS
The national average corn basis firmed 6 1/2 cents to 3 1/4 cents below December futures. The national cash corn index price fell 3/4 cent from last Wednesday to $4.41 1/4.
National basis is now firmer than the three-year average of 8 1/2 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 7 1/4 cents from last week to 7 1/2 cents below January futures. The national cash soybean index price dropped 15 cents to $11.94 3/4.
National basis is now firmer than the three-year average of 14 1/2 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 6 1/4 cents to 50 3/4 cents below December futures. The average cash price rose 5 3/4 cents to $5.48. SRW basis is firmer than the three-year average of 55 1/4 cents below December futures.
The national average hard red winter (HRW) wheat basis was unchanged at 62 1/2 cents below December futures. The average cash price fell 10 1/4 cents to $5.70 1/2. HRW basis is firmer than the three-year average of 65 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 74.10 cents last week, down 179 points from the previous week. Last year at this time the weekly cotton spot price was 61.10 cents. USDA reported transactions of 7,616 bales last week, down from 15,128 bales reported the week prior and compared to 19,601 from the same period a year prior.
Basis firmed 18 points from last week at 446 basis points under the December contract and is just wider than the three-year average of 445 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $223.73 last week, down $3.35 from the previous week. Last year at this time cash cattle averaged $230.86. So far this week, USDA has reported a modest volume of cash cattle trade with steers averaging $217.26 and heifers $217.56.
Choice boxed beef fell $6.50 over the past week to $362.50. Last year on this date, choice beef was $377.58.
HOG COMMENTS
The average lean hog carcass price was down $7.23 over the last week and stands at $49.33. Last year on this day the lean hog carcass value was $84.78.
The pork cutout value fell $3.16 over the past week to $69.29, according to this afternoon’s report. Last year at this time the pork cutout value was $99.82.