CORN COMMENTS
The national average corn basis dropped 1 1/2 cents but remained 17 cents above May futures. The national average cash corn price firmed 3/4 cent to $6.73.
Basis is much better than the three-year average of 2 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 5 1/2 cents but remained 8 cents above May futures. The national average cash price fell 18 3/4 cents to $15.12 1/4.
Basis is in line with the three-year average of 7 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped a penny to 54 1/2 cents under May futures. The average cash price fell 13 cents to $6.25. SRW basis is much weaker than the three-year average of 21 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis fell 1 1/2 cents to 41 1/4 cents below May futures. The average cash price dropped 10 1/2 cents to $8.22 1/4. HRW basis is a little weaker than the three-year average of 36 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged an all-time high of $173.10 last week, up $4.36 from the previous week. Cash cattle are expected to trade higher again this week, though not as sharply as last week. Last year, the cash price was $141.02.
Choice boxed beef jumped another $10.54 over the past week to $298.48. Last year at this time, Choice boxed beef prices were $273.47.
HOG COMMENTS
The average lean hog carcass price firmed 28 cents over the past week to $72.64. Last year’s lean carcass price on this date was $98.49.
The pork cutout value dropped 83 cents over the past week to $76.02. Last year at this time, the cutout price stood at $106.80.