CORN COMMENTS
The national average corn basis strengthened 2 cents to 9 cents above July futures. The national cash corn index price fell 11 3/4 cents from last Wednesday to $4.16 1/4.
National basis is firmer than the three-year average of 5 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1 1/4 cents from last week to 3 1/2 cents above July futures. The national cash soybean index price fell 10 1/2 cents to $11.12.
National basis is now slightly firmer than the three-year average of 2 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 5 1/2 cents to 19 cents below July futures. The average cash price fell 21 1/2 cents to $5.66 3/4. SRW basis is now slightly firmer than the three-year average of 26 cents below July futures.
The national average hard red winter (HRW) wheat basis firmed 1 1/2 cents to 47 cents below July futures. The average cash price fell 33 3/4 cents to $5.70 1/4. HRW basis is just slightly weaker than the three-year average of 46 1/2 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 71.12 cents last week, up from 67.47 cents the previous week. Last year at this time the weekly cotton spot price was 63.49 cents. USDA reported transactions of 8,586 bales last week, up from 3,172 bales reported the week prior and compared to 2,489 from the same period a year prior.
Basis firmed to 560 basis points under the October board from 562 points the week prior and is weaker than the three-year average of 484 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $259.63 last week, up $3.55 from the previous week. Last year at this time cash cattle averaged $234.88. USDA has reported mostly light cash cattle trade, with steers and heifers averaging $260.00 thus far.
Choice boxed beef rose $4.44 over the past week to $398.94. Last year on this date, choice beef was $394.25.
HOG COMMENTS
The average lean hog carcass price was down 88 cents over the last week and stands at $96.87. Last year on this day the lean hog carcass value was $111.49. Analysts expect the size of the U.S. hog herd to expand 0.9% from year-ago levels in the quarterly Hogs and Pigs report that will be released by USDA tomorrow.
The pork cutout value fell 91 cents over the past week to $93.86, according to this afternoon’s report. Last year at this time the pork cutout value was $121.56.