CORN COMMENTS
The national average corn basis firmed 4 1/4 cents to 8 1/4 cents above July futures. The national cash corn index price increased 15 3/4 cents from last Wednesday to $4.71.
National basis is just slightly weaker than the three-year average of 16 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 2 1/2 cents to 2 3/4 cents below July futures. The national cash soybean index price rose 15 cents from last week to $11.76 3/4.
National basis remains weaker than the three-year average of 2 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 5 1/2 cents to 30 1/2 cents below July futures. The average cash price increased 14 cents to $5.57 3/4. SRW basis remains firmer than the three-year average of 50 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 3 ¼ cents to 66 3/4 cents below July futures. The average cash price increased 28 1/4 cents to $5.83 1.4. HRW basis continues to be weaker than the three-year average of 48 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 71.26 cents, up 260 points from the previous week. Last year at this time the weekly cotton spot price was 62.17 cents. USDA reported transactions of 36,055 bales last week, up from 15,510 bales reported the week prior and compared to 12,798 from the same period a year prior.
Basis is much weaker from last week and currently sits at 471 points under the May board and is firmer than the three year average of 484 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $248.02 last week, down 36 cents from the previous week.
Choice boxed beef rose $2.21 over the past week to $384.19. Last year on this day choice beef was $333.52.
HOG COMMENTS
The average lean hog carcass price was up $1.30 over the last week and currently stands at $92.01. Last year’s lean carcass price on this date was $85.65.
The pork cutout value rose $3.41 over the past week to $98.55 according to this afternoon’s report. Last year at this time, the cutout price stood at $96.39.