CORN COMMENTS
The national average corn basis firmed 3 3/4 cents to 4 cent above May futures. The national cash corn index price increased 8 cents from last Wednesday to $4.71 3/4.
National basis is now slightly firmer than the three-year average of 1 1/2 cents above futures after this weeks move.
SOYBEAN COMMENTS
The national average soybean basis firmed 4 1/4 cents to 14 cents below May futures. The national cash soybean index price firmed 14 cents from last week at $11.57 3/4.
National basis is weaker than the three-year average of 1 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis widened 10 1/2 cents to 45 1/2 cents below May futures. The average cash price decreased 17 1/2 cents to $5.51 1/2. SRW basis remains firmer than the three-year average of 49 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1 3/4 cent to 72 1/2 cents below May futures. The average cash price decreased 6 1/2 cents to $5.45 1/4. HRW basis continues to be weaker than the three-year average of 52 1/2 cents under futures.
COTTON COMMENTS
The seven-market average cotton price last week was 64.59 cents, up 291 points from the previous week. Last year at this time the weekly cotton spot price was 62.97 cents. USDA reported transactions of 50,808 bales last week, up from 25,925 bales reported the week prior and compared to 23,387 from the same period a year prior.
Basis is unchanged last week and currently sits at 325 points under the May board, and is firmer than the three year average of 393 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $235.08 last week, up 25 cents from the previous week, breaking a streak of three consecutive weekly declines. USDA has reported extremely light cash trade so far this week, with steers averaging $236.00 and no reportable trades for heifers.
Choice boxed beef declined $10.05 over the past week to $391.69. Last year on this day choice beef was $335.19. Boxed beef values have fallen this week after a steady climb beginning in early January this year. The lowering values may work to limit packer kill rates as margins face pressure again.
HOG COMMENTS
The average lean hog carcass price was up 9 cents over the last week and currently stands at $92.26. Last year’s lean carcass price on this date was $89.75.
The pork cutout value fell $2.42 over the past week to $96.40 according to this afternoon’s report. Last year at this time, the cutout price stood at $97.55.