CORN COMMENTS
The national average corn basis gained 3 cents to 20 1/2 cents below December futures. The national cash corn index price fell 3 cents from last Wednesday to $4.17 1/4.
Basis remains weaker than the three-year average of 10 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis fell 1 1/2 cents to 42 1/2 cents below November futures. The national cash soybean index price fell 16 cents from last Wednesday to $9.90. Basis appears to be at it’s weakest in the northerns plains and western corn belt regions.
Basis remains substantially weaker than the three-year average of 21 1/2 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis gained 4 cents to 22 3/4 cents below September futures. The average cash price decreased 6 cents to $4.72. SRW basis continues to remain firmer than the three-year average of 56 1/4 cents under futures. The national average hard red winter (HRW) wheat basis gained 2 cents to 59 1/2 cents below September futures. The average cash price increased 1/2 a cent to $4.25 1/2. HRW basis continues to trend weaker than the three-year average of 60 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $242.55 last week, down $1.05 from the previous week, and is now down for consecutive weeks. General uncertainty on the ability of the American consumer to pay elevated beef prices is causing prices to pause their bull run. Trade so far this week has been relatively light.
Choice boxed beef dropped $7.78 over the past week to $405.64. Last year at this time, choice boxed beef prices stood at $308.23.
HOG COMMENTS
The average lean hog carcass price gained 80 cents over the past week to $106.55, defying the downward trends seen in beef so far. Last year’s lean carcass price on this date was $78.05.
The pork cutout value is up 4 cents over the past week to $114.77. Last year at this time, the cutout price stood at $94.80.