CORN COMMENTS
The national average corn basis slipped 2 1/2 cents to 7 3/4 cents above March futures. The national cash corn index price fell 4 1/4 cents from last Wednesday to $4.35. Corn exports continue to perform well.
National basis is firmer than the three-year average of 1 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 5 3/4 cents to 6 1/2 cents below March futures. The national cash soybean index price is up 26 1/2 cents from last week at $11.17 1/2. Soybeans have continued their price uptrend that started in early February, though basis is likely to widen some as farmer selling brought on by the rally begins to satisfy demand in the short term.
National basis is just slightly weaker than the three-year average of 2 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis strengthened 2 1/2 cents to 27 3/4 cents below March futures. The average cash price increased 12 3/4 cents to $5.09 1/2. SRW basis remains firmer than the three-year average of 45 3/4 cents under futures. Wheat exports got their first strong export inspections report on Monday, helping basis firm.
The national average hard red winter (HRW) wheat basis widened 1 1/2 cents to 77 1/4 cents below March futures. The average cash price increased 6 3/4 cents to $4.61 1/4. HRW basis continues to be weaker than the three-year average of 51 3/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 58.96 cents, down 104 points from the previous week. Last year at this time the weekly cotton spot price was 62.29 cents. USDA reported transactions of 49,607 bales last week, down from 59,025 bales reported the week prior and compared to 26,598 from the same period a year prior.
Basis has improved slightly at 321 points under the March board, 32 points firmer from the previous week and just slightly firmer than the three year average of 329 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $241.31 last week, up $1.87 from the previous week. USDA has indicated no reportable cash trade thus far this week this week. Cash sales should pick up later in the week.
Choice boxed beef fell $2.10 over the past week to $365.92. Last year on this day choice beef was $322.46.
HOG COMMENTS
The average lean hog carcass price was up $1.79 over the last week and currently stands at $87.41. Last year’s lean carcass price on this date was $86.83.
The pork cutout value gained $1.82 over the past week to $94.82 according to this afternoon’s report. Last year at this time, the cutout price stood at $99.72.