CORN COMMENTS
The national average corn basis slipped 2 3/4 cent to 10 cents above September futures. The national cash corn index price gained 12 1/4 cents from last Wednesday to $4.72.
National basis is weaker than the three-year average of 26 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/2 cents from last week to 15 1/2 cents above August futures. The national cash soybean index price rose 33 1/2 cents to $12.48 1/2.
National basis turned firmer than the three-year average of 13 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 4 1/4 cents to 32 1/4 below September futures. The average cash price rose 24 cents to $6.73 1/4 as concerns around shipping the Sea of Azov drive prices higher. SRW basis remains firmer than the three-year average of 42 cents below September futures.
The national average hard red winter (HRW) wheat basis widened 3 1/4 cents to 52 cents below September futures. The average cash price rose 41 1/4 cents to $7.11 3/4. HRW basis is slightly firmer than the three-year average of 52 3/4 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 73.97 cents last week, up from 72.98 cents the previous week. Last year at this time the weekly cotton spot price was 64.50 cents. USDA reported transactions of 604 bales last week, down from 1,732 bales reported the week prior and compared to 3,582 from the same period a year prior.
Basis was 39 points firmer from last week at 521 basis points under the October contract and is slightly firmer than the three-year average of 528 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $238.28 last week, down $9.37 from the previous week. Last year at this time cash cattle averaged $237.78. USDA has reported light cash trade with steers averaging $232.00 so far this week, down from last week’s average once again to start the week.
Choice boxed beef fell $7.78 over the past week to $363.50. Last year on this date, choice beef was $372.50.
HOG COMMENTS
The average lean hog carcass price was up $1.33 over the last week and stands at $100.26. Last year on this day the lean hog carcass value was $112.47.
The pork cutout value gained $2.04 over the past week to $103.50, according to this afternoon’s report. Last year at this time the pork cutout value was $118.15.