CORN COMMENTS
The national average corn basis gained 11 1/4 cents to 12 3/4 cents below December futures. The national cash corn index price decreased 17 cents from last Wednesday to $4.00.
National basis is now slightly firmer than the three-year average of 21 1/2 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis gained 6 1/2 cents to 32 1/4 cents below November futures. The national cash soybean index price gained 19 cents from last Wednesday to $9.78.
National basis is just slightly firmer than the three-year average of 33 1/4 cents below futures. Although pockets of extremely wide basis do exist in the Dakota’s, strengthening basis in other parts of the country outweighed those areas.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 2 1/4 cents to 36 1/4 cents below December futures. The average cash price increased 1/2 a cent to $4.71. SRW basis continues to remain firmer than the three-year average of 67 1/4 cents under futures, although a depressed futures price means cash prices are also still at relatively low levels despite the firmer basis.
The national average hard red winter (HRW) wheat basis slipped 4 1/2 cents to 82 cents below December futures. The average cash price fell 6 cents to $4.11. HRW basis continues to trend substantially weaker than the three-year average of 68 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $230.76 last week, down $1.89 from the previous week, and is now down for six consecutive weeks. Cash trade has been extremely light so far this week. Uncertainty in the futures market has led to traders being more cautious.
Choice boxed beef dropped $2.31 over the past week to $366.16. Last year at this time, choice boxed beef prices stood at $306.84. While the weekly decline trend is still in place, wholesale prices have been seeing slight upticks at the daily level recently.
HOG COMMENTS
The average lean hog carcass price fell $4.08 over the past week to $98.35. Fundamentals in the cash hog market are beginning to weaken slightly. Last year’s lean carcass price on this date was $77.22.
The pork cutout value fell $4.53 over the past week to $103.82. Last year at this time, the cutout price stood at $94.81.