CORN COMMENTS
The national average corn basis slipped 1 cent to 1 3/4 cent below May futures. The national cash corn index price increased 22 3/4 cents from last Wednesday to $4.58 1/2.
National basis is slightly firmer than the three-year average of 9 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 2 3/4 cents to 18 1/4 cents below May futures. The national cash soybean index price is up 41 3/4 cents from last week at $11.595 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 slipped 1 3/4 cents to 37 3/4 cents below May futures. The average cash price increased 24 1/4 cents to $5.56 1/4. SRW basis remains firmer than the three-year average of 49 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 3/4 cent to 73 cents below May futures. The average cash price increased 41 3/4 cents to $5.40. HRW basis continues to be weaker than the three-year average of 53 3/4 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 61.26 cents, down 141 points from the previous week. Last year at this time the weekly cotton spot price was 61.05 cents. USDA reported transactions of 27,157 bales last week, down from 111,390 bales reported the week prior and compared to 12,601 from the same period a year prior.
Basis is unchanged at 321 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 $239.94 last week, down $2.77 from the previous week, the second consecutive weekly decline. USDA has indicated very light cash trade so far this week, with live steers fetching an average of $235.00 and no reportable transactions for live heifers.
Choice boxed beef increased $8.13 over the past week to $396.70. Last year on this day choice beef was $321.20. Boxed beef values are likely to remain on an upward trend, espescially if the potential strike at the JBS facility in Greeley, CO takes place. Read more on potential impacts here.
HOG COMMENTS
The average lean hog carcass price was up $1.13 over the last week and currently stands at $92.37. Last year’s lean carcass price on this date was $90.18.
The pork cutout value fell 21 cents over the past week to $98.41 according to this afternoon’s report. Last year at this time, the cutout price stood at $97.58.