CORN COMMENTS
The national average corn basis gained 1/4 cent to 12 1/2 cents below December futures. The national cash corn index price increased 1 cents from last Wednesday to $4.01.
National basis is now slightly firmer than the three-year average of 16 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis gained 8 3/4 cents to 23 1/2 cents below November futures. The national cash soybean index price fell 10 cents from last Wednesday to $9.68.
National basis is just slightly firmer than the three-year average of 24 1/4 cents below futures. Basis has firmed significantly over the last couple of weeks, as soybean processors look to motivate farmers to sell and meet their needs for steady operation.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 36 1/2 cents below December futures. The average cash price decreased 7 cents to $4.64. SRW basis continues to remain firmer than the three-year average of 66 1/4 cents under futures. Considering futures remain at low values, a firmer than average basis is not necessarily translating to strong cash values. Firmer than average basis is likely needed to stimulate movement of wheat.
The national average hard red winter (HRW) wheat basis fell 13 1/4 cents to 95 cents below December futures. The average cash price fell 19 cents to $3.93. HRW basis continues to trend substantially weaker than the three-year average of 71 1/4 cents under futures. Export sales reports were one of the few bright spots lifting up the wheat markets. In the absence of that data, prices are continuing to test support.
CATTLE COMMENTS
Cash cattle trade averaged $234.07 last week, up $3.31 from the previous week, and broke the trend of a six-week decline in cash values. This reversal comes from a week where most cash trading occurred on one day. While it is a reversal of the downward trend, weeks where cash trading is consolidated offers less support than a steady flow of purchases.
Choice boxed beef gained 32 cents over the past week to $366.48. Last year at this time, choice boxed beef prices stood at $316.83.
HOG COMMENTS
The average lean hog carcass price fell $2.40 over the past week to $95.95. Fundamentals in the cash hog market are continuing to weaken, losses in bellies lead the way as of late. Last year’s lean carcass price on this date was $75.52.
The pork cutout value fell $1.86 over the past week to $101.96. Last year at this time, the cutout price stood at $94.40.