CORN COMMENTS
The national average corn basis slipped 2 1/2 cent to 7 1/2 cents above September futures. The national cash corn index price fell 15 1/2 cents from last Wednesday to $4.56 1/2.
National basis is weaker than the three-year average of 25 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 1/2 cents from last week to 19 1/2 cents above August futures. The national cash soybean index price fell 52 1/4 cents to $11.96 1/4.
National basis remains firmer than the three-year average of 3 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 2 1/4 cents to 34 3/4 below September futures. The average cash price fell 47 1/2 cents to $6.26. SRW basis remains firmer than the three-year average of 46 cents below September futures.
The national average hard red winter (HRW) wheat basis was unchanged at 52 cents below September futures. The average cash price fell 38 cents to $6.73 3/4. HRW basis is slightly firmer than the three-year average of 55 1/4 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 73.39 cents last week, down from 73.97 cents the previous week. Last year at this time the weekly cotton spot price was 64.11 cents. USDA reported transactions of 2,299 bales last week, up from 604 bales reported the week prior and compared to 4,431 from the same period a year prior.
Basis was unchanged from last week at 521 basis points under the October contract and is slightly firmer than the three-year average of 523 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $230.48 last week, down $7.80 from the previous week. Last year at this time cash cattle averaged $239.38. USDA has reported light cash trade with steers averaging $229.00 so far this week, down $1.48 from last week’s average.
Choice boxed beef fell 7 cents over the past week to $363.43. Last year on this date, choice beef was $364.19.
HOG COMMENTS
The average lean hog carcass price was up $1.07 over the last week and stands at $101.33. Last year on this day the lean hog carcass value was $113.20.
The pork cutout value fell $1.72 over the past week to $101.78, according to this afternoon’s report. Last year at this time the pork cutout value was $115.85.