CORN COMMENTS
The national average corn basis firmed 1/2 of a cent to 1/4 cent above May futures. The national cash corn index price increased 4 3/4 cents from last Wednesday to $4.63 3/4.
National basis is slightly weaker than the three-year average of 1 3/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1/2 cent to 17 3/4 cents below May futures. The national cash soybean index price is down 16 cents from last week at $11.43 3/4.
National basis is weaker than the three-year average of 8 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 2 3/4 cents to 35 cents below May futures. The average cash price increased 13 1/4 cents to $5.69 1/2. SRW basis remains firmer than the three-year average of 50 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis widened 1 1/4 cent to 74 1/4 cents below May futures. The average cash price increased 11 3/4 cents to $5.51 3/4. HRW basis continues to be weaker than the three-year average of 52 1/2 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 61.68 cents, up 48 points from the previous week. Last year at this time the weekly cotton spot price was 62.83 cents. USDA reported transactions of 25,925 bales last week, down from 27,157 bales reported the week prior and compared to 22,838 from the same period a year prior.
Basis is 4 points wider from last week and currently sits at 325 points under the May board, and is firmer than the three year average of 378 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $234.83 last week, down $5.11 from the previous week, the third consecutive weekly decline. USDA has indicated no reportable cash cattle trade thus far this week, as negotiators look ahead to the Cattle on Feed report to be released this Friday.
Choice boxed beef increased $5.04 over the past week to $401.74. Last year on this day choice beef was $323.32. Boxed beef values have continued their climb again this week, likely working to push packer margins into the black.
HOG COMMENTS
The average lean hog carcass price was down 20 cents over the last week and currently stands at $92.17. Last year’s lean carcass price on this date was $95.64.
The pork cutout value gained 41 cents over the past week to $98.82 according to this afternoon’s report. Last year at this time, the cutout price stood at $89.43.