CORN COMMENTS
The national average corn basis firmed 6 3/4 cents to 8 cents above July futures. The national cash corn index price decreased 8 3/4 cents from last Wednesday to $4.69 1/4.
National basis is weaker than the three-year average of 16 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 5 1/4 cents to 4 3/4 cents below July futures. The national cash soybean index price rose 7 1/2 cents from last week to $11.94 3/4.
National basis remains weaker than the three-year average of 13 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 5 3/4 cents to 21 cents below July futures. The average cash price decreased 9 cents to $5.96 1/4. SRW basis continues to trend firmer than the three-year average of 50 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 10 3/4 cents to 64 3/4 cents below July futures. The average cash price decreased 6 1/4 cents to $6.22 1/4. HRW basis continues to be weaker than the three-year average of 49 1/2 cents under futures despite this weeks improvement.
COTTON COMMENTS
The seven-market average cotton price last week was 75.29 cents, up 24 points from the previous week. Last year at this time the weekly cotton spot price was 63.94 cents. USDA reported transactions of 12,050 bales last week, up from 7,420 bales reported the week prior and compared to 16,449 from the same period a year prior.
Basis is four points wider from last week and currently sits at 475 points under the July board and is just slightly firmer than the three year average of 480 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $255.02 last week, up $8.84 from the previous week. So far this week USDA has reported trade with steers averaging $255.00 and heifers $255.88, though trade remains light compared to this time last week.
Choice boxed beef rose $1.57 over the past week to $389.62. Last year on this day choice beef was $344.67.
HOG COMMENTS
The average lean hog carcass price was up $2.38 over the last week and currently stands at $94.63. Last year’s lean carcass price on this date was $91.93.
The pork cutout value fell $2.09 over the past week to $95.10 according to this afternoon’s report. Last year at this time, the cutout price stood at $92.75.