CORN COMMENTS
The national average corn basis slipped 7 cents to 1 cent below May futures. The national cash corn index price decreased 14 cents from last Wednesday to $4.42 3/4.
National basis is now slightly weaker than the three-year average of 5 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis slipped 3 cents to 15 1/2 cents below May futures. The national cash soybean index price is up 1/2 of a cent from last week at $11.54 1/2.
National basis is weaker than the three-year average of 3/4 cent below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 4 1/2 cents to 36 cents below May futures. The average cash price increased 3 1/2 cents to $5.32 1/4. SRW basis remains firmer than the three-year average of 44 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 10 1/2 cents to 73 3/4 cents below May futures. The average cash price increased 18 1/4 cents to $4.98 1/4. HRW basis continues to be weaker than the three-year average of 49 1/2 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 62.46 cents, up 143 points from the previous week. Last year at this time the weekly cotton spot price was 63.64 cents. USDA reported transactions of 111,390 bales last week, up from 62,666 bales reported the week prior and compared to 22,126 from the same period a year prior.
Basis widened 11 points and now sits at 321 points under the May board, and is just slightly firmer than the three year average of 361 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $242.71 last week, down $4.20 from the previous week, and is the first weekly decline since the December 22nd report of last year. USDA has indicated no reportable cash trade thus far this week this week once again.
Choice boxed beef increased $9.34 over the past week to $388.57. Boxed beef continues to see sharp gains, raising questions on how long before the increase in wholesale prices is passed on to consumers. Last year on this day choice beef was $314.87.
HOG COMMENTS
The average lean hog carcass price was up 23 cents over the last week and currently stands at $91.24. Last year’s lean carcass price on this date was $89.59.
The pork cutout value gained $1.00 over the past week to $98.62 according to this afternoon’s report. Pork looks to capitalize on substitution from rising beef prices. Last year at this time, the cutout price stood at $97.77.