CORN COMMENTS
The national average corn basis strengthened 13 cents to 21 cents above July futures. The national cash corn index price rose 13 1/2 cents from last Wednesday to $4.8285.
National basis is stronger than the three-year average of 12 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1/4 cent to 4 1/2 cents below July futures. The national cash soybean index price rose 34 ¼ cents from last week to $12.29.
National basis remains weaker than the three-year average of 10 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis weakened 6 ½ cents to 27 ½ cents below July futures. The average cash price jumped 51 ¾ cents to $6.48 as futures soared following Tuesday’s USDA crop production report, which projected the smallest U.S. wheat crop since 1972. SRW basis continues to trend firmer than the three-year average of 48 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 6 cents to 58 ½ cents below July futures. The average cash price gained 43 ¼ cents to $6.66. HRW basis continues to be weaker than the three-year average of 49 1/2 cents under futures despite this week’s improvement.
COTTON COMMENTS
The seven-market average cotton price was 79.04 cents last week, up from 75.29 cents the previous week. Last year at this time the weekly cotton spot price was 64.83 cents. USDA reported transactions of 18,774 bales last week, up from 12.050 bales reported the week prior and compared to 8,945 from the same period a year prior.
Basis is 3 points wider from last week and currently sits at 478 points under the July board and is just slightly firmer than the three year average of 482 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $258.52 last week, up $3.50 from the previous week. So far this week USDA has reported trade with steers averaging $259.92 and heifers $259.53, with trade heavier than a week ago.
Choice boxed beef rose $1.11 over the past week to $390.73. Last year on this date. choice beef was $350.10.
HOG COMMENTS
The average lean hog carcass price was up 56 cents over the last week and stands at $95.19.
The pork cutout value rose 42 cents over the past week to $95.52 according to this afternoon’s report.