CORN COMMENTS
The national average corn basis gained 2 1/2 cents to 22 1/2 cents below December futures. The national cash corn index price fell 1/4 of a cent from last Wednesday to $4.17.
Basis remains weaker than the three-year average of 16 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis fell 1 1/2 cents to 44 cents below November futures. The national cash soybean index price gained 19 cents from last Wednesday to $10.09. The increase is significant, but still just above the cash index price two weeks ago of $10.06.
Basis remains substantially weaker than the three-year average of 23 1/2 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis weakened 22 cents to 44 3/4 cents below December futures, the large shift was caused by bids moving to December from September contracts this week. The average cash price increased 11 cents to $4.83. SRW basis continues to remain firmer than the three-year average of 66 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis fell 33 cents to 92 3/4 cents below December futures, as HRW bids also shifted to basis off December contracts. The average cash price increased 19 1/2 cents to $4.44. HRW basis continues to trend weaker than the three-year average of 71 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $239.33 last week, down $3.22 from the previous week, and is now down for three consecutive weeks. Cash trade fundamentals are beginning to show signs of weakness. Trade is typically lighter ahead of USDA’s Cattle on Feed Report, to be released this Friday.
Choice boxed beef dropped a sizable $17.46 over the past week to $388.18. Last year at this time, choice boxed beef prices stood at $303.91.
HOG COMMENTS
The average lean hog carcass price fell 66 cents over the past week to $105.99. Despite the decline hogs are remaining more resilient amid the cattle markets starting to cool. Last year’s lean carcass price on this date was $76.55.
The pork cutout value is down $4.79 cents over the past week to $110.98. Last year at this time, the cutout price stood at $95.00.