CORN COMMENTS
The national average corn basis fell 2 1/2 cents to 23 3/4 cents below December futures. The national cash corn index price increased 2 1/4 cents from last Wednesday to $4.17.
National basis is now slightly firmer than the three-year average of 24 1/2 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis gained 4 1/2 cents to 38 3/4 cents below November futures. The national cash soybean index price fell 12 cents from last Wednesday to $9.59.
National basis remains weaker than the three-year average of 33 1/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1 1/4 cents to 38 1/2 cents below December futures. The average cash price decreased 8 1/2 cents to $4.70 1/2. SRW basis continues to remain firmer than the three-year average of 72 3/4 cents under futures. The national average hard red winter (HRW) wheat basis firmed 1 cent to 77 1/2 cents below December futures. The average cash price fell 11 cents to $4.17. HRW basis continues to trend weaker than the three-year average of 66 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $232.65 last week, down $4.86 from the previous week, and is now down for five consecutive weeks. Cash trade has been minimal this week.
Choice boxed beef dropped $8.92 over the past week to $368.47. Last year at this time, choice boxed beef prices stood at $300.17.
HOG COMMENTS
The average lean hog carcass price fell $3.04 over the past week to $102.43. Last year’s lean carcass price on this date was $77.22. The pork cutout value fell $3.28 over the past week to $108.35. Last year at this time, the cutout price stood at $96.31.
Hogs are still relatively strong compared to the typical seasonal weakening that occurs this time of year, although the decline in prices is beginning to get closer to normal seasonal trends. USDA’s hog and pigs report last week was relatively price friendly, showing a slightly smaller herd compared to the previous September report.