CORN COMMENTS
The national average corn basis fell 6 1/4 cents to 3 1/4 cents below March futures on the contract rollover. The national average cash corn price firmed 3 3/4 cents to $4.26 3/4.
Basis is weaker than the three-year average of 4 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 7 1/2 cents to 5 1/2 cents above January futures. The national average cash price firmed 7 3/4 cents to $9.89 1/4.
Basis is weaker than the three-year average of 9 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 6 1/2 cents to 63 1/2 cents below March futures. The average cash price firmed 2 1/4 cents to $4.84 3/4. SRW basis is much weaker than the three-year average of 43 cents under futures.
The national average hard red winter (HRW) wheat basis fell a dime to 60 3/4 cents below March futures. The average cash price dropped 18 cents to $4.81 3/4. HRW basis is much weaker than the three-year average of 42 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $189.97 last week, up $3.58 from the previous week. This week’s cash cattle negotiations have yet to turn active, with cash sources split on the eventual direction of trade. Last year, the cash price was $169.94.
Choice boxed beef dropped $3.24 over the past week to $308.33. Last year at this time, Choice boxed beef prices were $290.56.
HOG COMMENTS
The average lean hog carcass price dropped $1.42 over the past week to $82.04. Last year’s lean carcass price on this date was $67.08.
The pork cutout value dropped $1.55 over the past week to $89.60. Last year at this time, the cutout price stood at $83.20.