CORN COMMENTS
The national average corn basis slipped 4 3/4 cents to 30 1/2 cents below December futures. The national cash corn index price fell 9 3/4 cents from last Wednesday to $4.98 3/4.
National basis is weaker than the three-year average of 21 3/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis widened 5 1/4 cents from last week to 2 1/4 cent above November futures. The national cash soybean index price dropped 7 3/4 cents to $13.20 1/4.
National basis is firmer than the three-year average of 28 1/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 54 cents below December futures. The average cash price fell 22 1/2 cents to $6.55. SRW basis is now firmer than the three-year average of 73 cents below December futures.
The national average hard red winter (HRW) wheat basis slipped 1/2 cent to 63 cents below December futures. The average cash price fell 27 3/4 cents to $7.09 1/4. HRW basis is slightly firmer than the three-year average of 66 3/4 cents below futures.
COTTON COMMENTS
The seven-market average cotton price was 76.17 cents last week, down from 78.18 cents the previous week. Last year at this time the weekly cotton spot price was 63.01 cents. USDA reported transactions of 7,444 bales last week, up from 2,570 bales reported the week prior and compared to 7,964 from the same period a year prior.
Basis was unchanged from last week at 517 basis points under the December contract and is wider than the three-year average of 498 points under the contract.
CATTLE COMMENTS
Cash cattle trade averaged $221.87 last week, down 95 cents from the previous week. Last year at this time cash cattle averaged $237.51. So far this week, extremely light cash trade has been reported with steers averaging$222.00.
Choice boxed beef rose $1.50 over the past week to $377.31. Last year on this date, choice beef was $380.80.
HOG COMMENTS
The average lean hog carcass price was down $4.22 over the last week and stands at $79.97. Last year on this day the lean hog carcass value was $106.13.
The pork cutout value rose 47 cents over the past week to $86.82, according to this afternoon’s report. Last year at this time the pork cutout value was $112.68.