CORN COMMENTS
The national average corn basis slipped 1 1/4 cents to 6 1/2 cents above March futures. The national cash corn index price fell 1 3/4 cents from last Wednesday to $4.33 1/4.
National basis remains firmer than the three-year average of 1 1/4 cents above futures despite the slight widening.
SOYBEAN COMMENTS
The national average soybean basis slipped 3 1/4 cents to 9 3/4 cents below March futures. The national cash soybean index price is up 5 1/2 cents from last week at $11.23.
National basis is just slightly weaker than the three-year average of 3 3/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 3 1/2 cents to 31 1/4 cents below March futures. The average cash price increased 6 1/4 cents to $5.15 3/4. SRW basis remains firmer than the three-year average of 45 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis widened 1/4 cent to 77 1/2 cents below March futures. The average cash price increased 12 1/4 cents to $4.73 1/2. HRW basis continues to be weaker than the three-year average of 50 1/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 58.46 cents, down 50 points from the previous week. Last year at this time the weekly cotton spot price was 63.05 cents. USDA reported transactions of 54,118 bales last week, up from 49,607 bales reported the week prior and compared to 69,762 from the same period a year prior.
Basis has improved again this week, currently at 289 under the March board, 32 points firmer from the previous week and just slightly firmer than the three-year average of 324 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $245.62 last week, up $4.31 from the previous week. USDA has once again indicated no reportable cash trade thus far this week. Cash sales should pick up later in the week. Light trade is typical in weeks ending with a USDA Cattle on Feed report.
Choice boxed beef fell $2.12 over the past week to $363.80. Last year on this day choice beef was $315.77.
HOG COMMENTS
The average lean hog carcass price was up 25 cents over the last week and currently stands at $87.66. Last year’s lean carcass price on this date was $90.25.
The pork cutout value gained 74 cents over the past week to $95.56 according to this afternoon’s report. Last year at this time, the cutout price stood at $99.47.