CORN COMMENTS
The national average corn basis slipped 1 cents to 4 1/2 cents above July futures. The national cash corn index price fell 13 1/2 cents from last Wednesday to $4.23 1/2.
National basis is still weaker than the three-year average of 13 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/4 cents from last week to 3/4 cent below 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 12 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1/2 cent last week to 23 3/4 cents below July futures. The average cash price gained 1/4 cent to $5.63 1/4. SRW basis remains firmer than the three-year average of 36 cents below July futures.
The national average hard red winter (HRW) wheat basis firmed 3/4 cents to 51 cents below July futures. The average cash price rose 7 1/4 cents to $5.79 1/2. HRW basis continues to be weaker than the three-year average of 43 3/4 cents.
COTTON COMMENTS
The seven-market average cotton price was 71.41 cents last week, down from 72.12 cents the previous week. Last year at this time the weekly cotton spot price was 62.66 cents. USDA reported transactions of 8,583 bales last week, up from just 4,493 bales reported the week prior and compared to 3,982 from the same period a year prior.
Basis widened from last week to 496 basis points under the July board from 485 points the week prior and is just slightly weaker than the three-year average of 494 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $256.53 last week, down 33 cents from the previous week. Last year at this time cash cattle averaged $236.62. USDA has reported very light cash cattle trade this week, with steers averaging $254.15 and no reportable trades for live heifers thus far.
Choice boxed beef fell $2.58 over the past week to $393.28. Last year on this date. choice beef was $367.25.
HOG COMMENTS
The average lean hog carcass price was up $2.16 over the last week and stands at $96.83. Last year on this day the lean hog carcass value was $100.86.
The pork cutout value fell $3.52 over the past week to $95.96, according to this afternoon’s report. Last year at this time the pork cutout value was $108.53.