CORN COMMENTS
The national average corn basis strengthened 2 cents to 11 cents above September. The national cash corn index price gained 17 cents from last Wednesday to $4.33 1/4.
National basis is weaker than the three-year average of 22 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 4 1/2 cents from last week to 8 cents above August futures. The national cash soybean index price rose 19 1/4 cents to $11.31.
National basis is now slightly firmer than the three-year average of 3 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 7 cents to 26 cents below September futures. The average cash price rose 7 1/4 cents to $5.74. SRW basis is now slightly weaker than the three-year average of 24 3/4 cents below September futures.
The national average hard red winter (HRW) wheat basis widened 8 1/4 cents to 55 1/4 cents below September futures. The average cash price rose 9 3/4 cents to $5.80. HRW basis is just slightly weaker than the three-year average of 44 1/2 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 70.84 cents last week, down from 71.12 cents the previous week. Last year at this time the weekly cotton spot price was 65.05 cents. USDA reported transactions of 592 bales last week, down from 8,586 bales reported the week prior and compared to 4,132 from the same period a year prior.
Basis was unchanged from last week at 560 basis points under the October contract and is near in-line with the three-year average of 561 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $259.34 last week, down 29 cents from the previous week. Last year at this time cash cattle averaged $229.51. USDA has reported extremely light cash trade so far this week, with no reportable trades for steers and heifers averaging $256.00.
Choice boxed beef fell $7.68 over the past week to $391.26. Last year on this date, choice beef was $395.60.
HOG COMMENTS
The average lean hog carcass price was up 19 cents over the last week and stands at $97.06. Last year on this day the lean hog carcass value was $110.53.
The pork cutout value gained $1.85 over the past week to $95.71, according to this afternoon’s report. Last year at this time the pork cutout value was $117.32.