CORN COMMENTS
The national average corn basis slipped 1/4 cent to 2 1/2 cents above July futures. The national cash corn index price fell 13 1/2 cents from last Wednesday to $4.55.
National basis is weaker than the three-year average of 13 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis was unchanged and remains at 5 3/4 cents below July futures. The national cash soybean index price fell 13 3/4 cents from last week to $11.79 1/2.
National basis remains weaker than the three-year average of 8 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 14 1/4 cents to 14 3/4 cents below July futures. The average cash price fell 23 3/4 cents to $6.07 3/4. Wheat prices have succumbed to spillover pressure from corn and prospects of peace in the Middle East lowering crude sharply in recent days. SRW basis is now much firmer than the three-year average of 50 3/4 cents below July futures.
The national average hard red winter (HRW) wheat basis firmed a 1/4 cent to 54 1/2 cents below July futures. The average cash price fell 29 3/4 cents to $6.14 1/2. HRW basis continues to be weaker than the three-year average of 48 cents.
COTTON COMMENTS
The seven-market average cotton price was 76.45 cents last week, down from 81.12 cents the previous week. Last year at this time the weekly cotton spot price was 62.81 cents. USDA reported transactions of only 6 bales last week, down from 17,387 bales reported the week prior and compared to 5,431 from the same period a year prior.
Basis is unchanged from last week and currently sits at 478 points under the July board and is just slightly firmer than the three-year average of 481 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $260.49 last week, down $2.36 from the previous week. Last year at this time cash cattle averaged $226.97. USDA has reported very light cash cattle trade this week, with steers averaging $256.00 and no reportable trade for heifers.
Choice boxed beef rose $1.10 over the past week to $394.72. Last year on this date. choice beef was $361.85.
HOG COMMENTS
The average lean hog carcass price was up 45 cents over the last week and stands at $94.21. Last year on this day the lean hog carcass value was $101.20.
The pork cutout value gained $2.88 over the past week to $98.35 according to this afternoon’s report. Last year at this time the pork cutout value was $95.22.