Midweek Cash Comments | August 7, 2024

Corn and soybean basis declined along with cash prices.

Midweek Cash Markets
Midweek Cash Markets
(Pro Farmer)

CORN COMMENTS

The national average corn basis dropped 5 1/2 cents but remained 2 1/2 cents above September futures. The national average cash corn price dropped a nickel to $3.85 3/4.

Basis is much weaker than the three-year average of 64 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 7 1/2 cents but remained 19 3/4 cents above November futures. The national average cash price dropped 11 1/2 cents to $10.38 1/2.

Basis is much weaker than the three-year average of 81 1/2 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 51 1/4 cents below September futures. The average cash price firmed 10 3/4 cents to $4.87. SRW basis is weaker than the three-year average of 40 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 3 3/4 cents to 41 1/4 cents below September futures. The average cash price firmed 10 1/4 cents to $5.14 1/4. HRW basis is about in line with the three-year average of 40 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $194.45 last week, down 76 cents from the previous week. Cash cattle trade will be pushed deep into the week, with most cash sources again expecting steady/weaker prices. Last year, the cash price was $185.88.

Choice boxed beef declined 92 cents over the past week to $313.85. Last year at this time, Choice boxed beef prices were $303.52.

HOG COMMENTS

The average lean hog carcass price firmed 66 cents over the past week to $91.32. Last year’s lean carcass price on this date was $99.00.

The pork cutout value dropped $5.28 over the past week to $100.32. Last year at this time, the cutout price stood at $109.12.