CORN COMMENTS
The national average corn basis strengthened 2 1/2 cents to 7 cents above July futures. The national cash corn index price rose 4 1/2 cents from last Wednesday to $4.28.
National basis is still weaker than the three-year average of 11 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/2 cents from last week to 2 1/4 cents above July futures. The national cash soybean index price fell 28 3/4 cents to $11.22 1/4.
National basis remains weaker than the three-year average of 9 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 3/4 cent last week to 24 1/2 cents below July futures. The average cash price gained 24 1/2 cents to $5.88 1/4. SRW basis is now slightly firmer than the three-year average of 27 3/4 cents below July futures.
The national average hard red winter (HRW) wheat basis firmed 2 1/2 cents to 48 1/2 cents below July futures. The average cash price rose 24 1/4 cents to $6.04. HRW basis continues to be weaker than the three-year average of 45 1/4 cents.
COTTON COMMENTS
The seven-market average cotton price was 67.47 cents last week, down from 71.41 cents the previous week. Last year at this time the weekly cotton spot price was 62.71 cents. USDA reported transactions of 3,172 bales last week, down from 8,583 bales reported the week prior and compared to 5,221 from the same period a year prior.
Basis widened from last week to 564 basis points under the July board from 496 points the week prior and is weaker than the three-year average of 484 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $256.08 last week, down 45 cents from the previous week. Last year at this time cash cattle averaged $238.91. USDA has no reportable trades of live cash cattle so far this week, which is not unusual leading up to a Cattle on Feed report.
Choice boxed beef rose $1.22 over the past week to $394.50. Last year on this date, choice beef was $386.51.
HOG COMMENTS
The average lean hog carcass price was up 92 cents over the last week and stands at $97.75. Last year on this day the lean hog carcass value was $107.13.
The pork cutout value fell $1.19 over the past week to $94.77, according to this afternoon’s report. Last year at this time the pork cutout value was $119.89.