CORN COMMENTS
The national average corn basis slipped 7 1/4 cents to 1 1/4 cents above July futures. The national cash corn index price increased 7 1/2 cents from last Wednesday to $4.78.
National basis is weaker than the three-year average of 16 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis widened 7 1/2 cents to 10 cents below July futures. The national cash soybean index price rose 10 1/2 cents from last week to $11.87 1/4.
National basis remains weaker than the three-year average of 13 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 17 1/2 cents to 47 1/2 cents below July futures. The average cash price increased 47 1/2 cents to $6.05 1/4. SRW basis remains firmer than the three-year average of 50 3/4 cents under futures. Weather concerns continue to dominate winter wheat markets.
The national average hard red winter (HRW) wheat basis widened 8 3/4 cents to 75 1/2 cents below July futures. The average cash price increased 45 1/4 cents to $6.28 1/2. HRW basis continues to be weaker than the three-year average of 48 3/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 75.05 cents, up 379 points from the previous week. Last year at this time the weekly cotton spot price was 65.10 cents. USDA reported transactions of 7,420 bales last week, down from 36,055 bales reported the week prior and compared to 38,748 from the same period a year prior.
Basis is unchanged from last week and currently sits at 471 points under the July board and is just slightly firmer than the three year average of 476 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $246.18 last week, down $1.84 from the previous week. However, thus far this week USDA has reported cash cattle trade firmly higher, with steers averaging $254.58 and heifers $254.28 as of Wednesday’s report.
Choice boxed beef rose $3.86 over the past week to $388.05. Last year on this day choice beef was $348.26.
HOG COMMENTS
The average lean hog carcass price was down 2 cents over the last week and currently stands at $92.25. Last year’s lean carcass price on this date was $91.93.
The pork cutout value fell $1.36 cents over the past week to $97.19 according to this afternoon’s report. Last year at this time, the cutout price stood at $96.39.