CORN COMMENTS
The national average corn basis strengthened 3/4 cent to 12 3/4 cents above September futures. The national cash corn index price gained 12 3/4 cents from last Wednesday to $4.59 3/4.
National basis is weaker than the three-year average of 26 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1 1/2 cents from last week to 13 cents above August futures. The national cash soybean index price rose 10 1/2 cents to $12.15.
National basis is weaker than the three-year average of 17 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 5 1/4 cents to 28 below September futures. The average cash price rose 64 3/4 cents to $6.49 1/4 as concerns around shipping the Sea of Azov persist. SRW basis remains firmer than the three-year average of 40 1/2 cents below September futures.
The national average hard red winter (HRW) wheat basis firmed 4 1/4 cents to 49 3/4 cents below September futures. The average cash price rose 79 1/2 cents to $6.70 1/2. HRW basis is slightly weaker than the three-year average of 53 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 72.98 cents last week, up from 69.51 cents the previous week. Last year at this time the weekly cotton spot price was 63.64 cents. USDA reported transactions of 1,732 bales last week, down from 3,865 bales reported the week prior and compared to 2,739 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 563 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $248.01 last week, down $7.11 from the previous week. Last year at this time cash cattle averaged $237.21. USDA has reported light cash trade with steers averaging $239.43 so far this week, down from last week’s average notably.
Choice boxed beef fell $9.92 over the past week to $371.28. Last year on this date, choice beef was $377.72.
HOG COMMENTS
The average lean hog carcass price was up $1.14 over the last week and stands at $98.93. Last year on this day the lean hog carcass value was $111.77.
The pork cutout value gained $3.30 over the past week to $101.46, according to this afternoon’s report. Last year at this time the pork cutout value was $114.02.