CORN COMMENTS
The national average corn basis rose 3/4 cent to 2 3/4 cents above July futures. The national cash corn index price fell 14 1/4 cents from last Wednesday to $4.68 1/2.
National basis is slightly weaker than the three-year average of 10 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis widened 1 1/4 cent to 5 3/4 cents below July futures. The national cash soybean index price fell 35 1/2 cents from last week to $11.93 1/4.
National basis remains weaker than the three-year average of 10 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 1 1/2 cents to 29 cents below July futures. The average cash price fell 16 1/2 cents to $6.31 1/2. Pressure across the grains complex still impacted wheat prices despite the supply concerns. SRW basis continues to trend firmer than the three-year average of 50 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 4 1/4 cents to 54 3/4 cents below July futures. The average cash price fell 21 3/4 cents to $6.44 1/4. HRW basis continues to be weaker than the three-year average of 48 cents but has improved for three consecutive weeks now.
COTTON COMMENTS
The seven-market average cotton price was 81.12 cents last week, up from 79.04 cents the previous week. Last year at this time the weekly cotton spot price was 63.21 cents. USDA reported transactions of 17,387 bales last week, down from 18,774 bales reported the week prior and compared to 4,612 from the same period a year prior.
Basis is unchanged from last week and currently sits at 478 points under the July board and is just slightly weaker than the three-year average of 470 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $262.85 last week, up $4.33 from the previous week and an all-time high. Last year at this time cash cattle averaged $226.45. So far this week USDA has reported trade with steers averaging $263.74 and heifers $264.00, slightly firmer from last week’s average. Volume of cattle has been lighter compared to this time last week, which is not unusual in the lead up to Cattle on Feed reports.
Choice boxed beef rose $2.89 over the past week to $393.62. Last year on this date. choice beef was $358.75.
HOG COMMENTS
The average lean hog carcass price was down $1.43 over the last week and stands at $93.76. Last year on this day the lean hog carcass value was $93.40
The pork cutout value fell 5 cents over the past week to $95.47 according to this afternoon’s report. Last year at this time the pork cutout value was $100.52.