CORN COMMENTS
The national average corn basis strengthened 3 1/4 cent to 10 1/4 cents above March futures. The national cash corn index price increased 2 cents from last Wednesday to $4.39.
National basis is firmer than the three-year average of 1 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 cents to 3/4 of a cent below March futures. The national cash soybean index price is up 19 3/4 cents from last week at $10.91. Soybean markets got a boost today from President Trump’s announcement that China would purchase an additional 8 million MT of soybeans, bringing the total to 20 MT for the year.
National basis is just slightly weaker than the three-year average of 1 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis strengthened 7 1/2 cents to 30 1/4 cents below March futures. The average cash price decreased 1 1/2 cents to $4.96 1/2. SRW basis remains firmer than the three-year average of 40 3/4 cents under futures. SRW basis increase was just slightly less than the total decrease in futures over the past week.
The national average hard red winter (HRW) wheat basis firmed 1 1/4 cents to 75 3/4 cents below March futures. The average cash price decreased 10 1/2 cents to $4.54 1/2. HRW basis continues to be weaker than the three-year average of 51 1/2 cents under futures. Adequate snow cover in the heart of HRW country likely prevented most damage to the crop despite the low temperatures, limiting the cash and futures markets ability to rally.
COTTON COMMENTS
The seven-market average cotton price last week was 60.00 cents, down 65 points from the previous week. Last year at this time the weekly cotton spot price was 62.84 cents. USDA reported transactions of 59.025 bales last week, down from 76,253 bales reported the week prior and compared to 66,565 from the same period a year prior.
National basis has remained steady at 353 under the March board, slightly wider than the three year average of 312 points under the contract. Basis is firmest in the southeast at 150 points under, and widest in the East and South Texas market at 575 points under nearby contracts.
CATTLE COMMENTS
Cash cattle trade averaged $239.44 last week, up $4.74 from the previous week. USDA has indicated no reportable cash trade thus far this week. Portions of the eastern U.S. still dealing with winter weather related disruptions saw cancellations of livestock sales. Cash trade is expected to pick up on Thursday and Friday.
Choice boxed beef fell $1.72 over the past week to $368.02. Last year on this day choice beef was $330.73. Boxed beef values have not tracked as closely with the higher cattle prices in recent weeks.
HOG COMMENTS
The average lean hog carcass price was up 31 cents over the last week and currently stands at $85.62. Last year’s lean carcass price on this date was $83.64.
The pork cutout value fell $2.05 over the past week to $93.00 according to this afternoon’s report. Last year at this time, the cutout price stood at $93.81. Pork will continue to see some substitution as the price spread between pork and beef continues to widen.