CORN COMMENTS
The national average corn basis firmed 3 1/2 cents to 26 3/4 cents below December futures. The national cash corn index price fell 24 3/4 cents from last Wednesday to $4.74.
National basis is weaker than the three-year average of 24 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 14 3/4 cents from last week to 16 1/4 cent above November futures. The national cash soybean index price dropped 10 1/2 cents to $13.10.
National basis is much firmer than the three-year average of 33 1/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 2 1/2 cents to 51 1/2 cents below December futures. The average cash price fell 30 1/4 cents to $6.24 3/4. SRW basis remains firmer than the three-year average of 72 3/4 cents below December futures.
The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 62 3/4 cents below December futures. The average cash price fell 38 3/4 cents to $6.70 1/2. HRW basis is slightly firmer than the three-year average of 66 1/2 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 77.55 cents last week, up from 76.17 cents the previous week. Last year at this time the weekly cotton spot price was 62.50 cents. USDA reported transactions of 6,202 bales last week, down from 7,444 bales reported the week prior and compared to 4,898 from the same period a year prior.
Basis was slightly firmer from last week at 510 basis points under the December contract and is just wider than the three-year average of 508 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $220.67 last week, down $1.20 from the previous week. Last year at this time cash cattle averaged $232.65. So far this week, USDA has not reported any live cash cattle trade. Bids are likely slow to develop in part due to the reduced slaughter numbers last week.
Choice boxed beef rose $5.48 over the past week to $382.79. Last year on this date, choice beef was $371.03.
HOG COMMENTS
The average lean hog carcass price was down $1.41 over the last week and stands at $78.56. Last year on this day the lean hog carcass value was $103.03.
The pork cutout value fell $1.87 over the past week to $84.95, according to this afternoon’s report. Last year at this time the pork cutout value was $110.34.