CORN COMMENTS
The national average corn basis firmed 3 cents to 4 cents above May futures. The national cash corn index price increased 4 cents from last Wednesday to $4.55 1/4.
National basis is just slightly weaker than the three-year average of 6 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 5 1/4 cents to 5 1/2 cents below May futures. The national cash soybean index price rose 10 1/2 cents from last week at $11.61 3/4.
National basis remains weaker than the three-year average of 2 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 1/4 cent to 36 cents below May 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 1/4 cent to 70 cents below May futures. The average cash price increased 30 1/2 cents to $5.55. 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 68.66 cents, up 171 points from the previous week. Last year at this time the weekly cotton spot price was 62.03 cents. USDA reported transactions of 15,510 bales last week, down from 40,550 bales reported the week prior and compared to 1,317 from the same period a year prior.
Basis is unchanged from last week and currently sits at 332 points under the May board and is firmer than the three year average of 432 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $248.38 last week, up $3.42 from the previous week. USDA has reported relatively light cash trade so far this week, with steers averaging $237.93.
Choice boxed beef rose $2.32 over the past week to $381.98. Last year on this day choice beef was $335.43.
HOG COMMENTS
The average lean hog carcass price was up 25 cents over the last week and currently stands at $90.71. Last year’s lean carcass price on this date was $84.43.
The pork cutout value fell $1.77 over the past week to $95.14 according to this afternoon’s report. Cash fundamentals have continued to show weakness in the hog markets. Last year at this time, the cutout price stood at $91.73.