CORN COMMENTS
The national average corn basis weakened 1/2 of a cent to 2 3/4 cents above March futures. The national cash corn index price dropped 24 1/4 cents from last Wednesday to $4.24 3/4. A bearish report from the USDA showing record corn production in 2025 caused the futures markets to plummet, leading the decline in cash prices despite relatively stable basis levels at major exporters.
National basis is firmer than the three-year average of 2 cents cent below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 to 10 cents below March futures. The national cash soybean index price is also down 22 3/4 cents from last week at $10.32. Soybeans received a slightly less bearish production update from USDA compared to corn, but were still subject to spillover pressure from corn’s substantial losses.
National basis is weaker than the three-year average of 3 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/4 of a cent to 28 1/2 cents below March futures. The average cash price decreased 6 1/4 cents to $4.83 3/4. SRW basis still remains firmer than the three-year average of 48 1/2 cents under futures. Wheat exports have slowed their pace in recent weeks.
The national average hard red winter (HRW) wheat basis also widened 1/4 of a cent to 73 1/2 cents below March futures. The average cash price decreased 9 1/4 cents to $4.48 1/2. HRW basis continues to be weaker than the three-year average of 64 cents under futures. The quarterly wheat stocks report from USDA showed higher than expected wheat stocks, limiting upside price movement.
COTTON COMMENTS
The seven-market average cotton price last week was 60.90 cents, up 24 points from the previous week. Last year at this time the weekly cotton spot price was 64.17 cents. USDA reported spot transactions of 163,163 bales last week, over twice the 74,541 bales reported the week prior. Futures markets have traded mostly sideways after USDA’s production report on Monday.
Basis was unchanged at 371 points under the March board, slightly wider than the three year average of 304 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $231.86 last week, up 18 cents from the previous week. USDA has reported light cash trade so far this week averaging $233.00.
Choice boxed beef gained $4.25 over the past week to $358.53. Last year at this time choice beef was $332.98. The most recent consumer price index report showed a 16.4% year-over-year increase in the beef and veal category. Consumer demand remains robust despite the higher prices for most cuts of beef.
HOG COMMENTS
The average lean hog carcass price was $68.56, down 84 cents from last week. Last year’s lean carcass price on this date was $78.84.
The pork cutout value fell $1.00 over the past week to $91.29 according to this afternoon’s report. Last year at this time, the cutout price stood at $90.21. Cash fundamentals continue to weaken in hogs, as the CME lean hog index continues to post daily declines. The latest CME lean hog index stands at $80.50.