CORN COMMENTS
The national average corn basis firmed 4 3/4 cents to 14 cents below December futures. The national cash corn index price fell 12 3/4 cents from last Wednesday to $4.49 1/2.
National basis is weaker than the three-year average of 13 1/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 6 cents from last week to 12 1/2 cent below November futures. The national cash soybean index price dropped 26 cents to $12.32 3/4.
National basis is still just firmer than the three-year average of 12 3/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 4 cents to 59 1/2 cents below December futures. The average cash price fell 49 cents to $5.68 3/4. SRW basis is just weaker than the three-year average of 58 3/4 cents below December futures.
The national average hard red winter (HRW) wheat basis widened 1/2 cent at 63 cents below December futures. The average cash price fell 42 1/2 cents to $6.10 1/2. HRW basis is firmer than the three-year average of 70 1/2 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 75.48 cents last week, up from 75.00 cents the previous week. Last year at this time the weekly cotton spot price was 59.69 cents. USDA reported transactions of 11,026 bales last week, up from 8,771 bales reported the week prior and compared to 2,227 from the same period a year prior.
Basis firmed 11 points from last week at 489 basis points under the December contract and is wider than the three-year average of 467 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $224.19 last week, up $4.05 from the previous week. Last year at this time cash cattle averaged $239.82. So far this week, USDA has not reported any live cash cattle trade, continuing the trend of late-in-the-week developments for cash markets.
Choice boxed beef fell $3.91 over the past week to $372.59. Last year on this date, choice beef was $371.93.
HOG COMMENTS
The average lean hog carcass price was down $3.42 over the last week and stands at $66.94. Last year on this day the lean hog carcass value was $90.50.
The pork cutout value fell $4.95 over the past week to $74.50, according to this afternoon’s report. Last year at this time the pork cutout value was $100.59.