CORN COMMENTS
The national average corn basis firmed 3 cents to 5 ½ cents above July futures. The national cash corn index price fell 18 cents from last Wednesday to $4.37.
National basis is weaker than the three-year average of 14 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis narrowed by 2 ¾ cents from last week to 3 cents below July futures. The national cash soybean index price fell 28 cents to $11.79 1/2.
National basis remains weaker than the three-year average of 12 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis softened 9 ½ cents last week to 24 ¼ cents below July futures. The average cash price fell 44 ¾ cents to $5.63. SRW basis remains much firmer than the three-year average of 43 1/2 cents below July futures.
The national average hard red winter (HRW) wheat basis firmed 2 ¾ cents to 51 3/4 cents below July futures. The average cash price fell 42 1/4 cents to $5.72 1/4. HRW basis continues to be weaker than the three-year average of 48 cents.
COTTON COMMENTS
The seven-market average cotton price was 72.12 cents last week, down from 76.45 cents the previous week. Last year at this time the weekly cotton spot price was 62.61 cents. USDA reported transactions of 4,493 bales last week, up from just 6 bales reported the week prior and compared to 1,499 from the same period a year prior.
Basis widened from last week to 485 basis points under the July board from 478 points the week prior and is just slightly weaker than the three-year average of 476 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $256.86 last week, down $3.63 from the previous week. Last year at this time cash cattle averaged $229.94. USDA has reported very light cash cattle trade this week, with steers averaging $254.50 and heifers at $254.86.
Choice boxed beef rose $1.14 over the past week to $395.86. Last year on this date. choice beef was $365.44.
HOG COMMENTS
The average lean hog carcass price was up 46 cents over the last week and stands at $94.67. Last year on this day the lean hog carcass value was $100.86.
The pork cutout value gained $1.23 over the past week to $99.48, according to this afternoon’s report. Last year at this time the pork cutout value was $108.53.