Midweek Cash Markets | April 20, 2022

Corn and soybean basis each dropped over the past week, but the respective cash prices surged.

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CORN COMMENTS

The national average corn basis dropped a penny to 3 1/2 cents below May futures. The national average cash corn price firmed 38 1/2 cents to $8.12 1/4.

Basis is weaker than the three-year average of 3 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 7 1/2 cents over the past week to 6 1/2 cents below May futures. The national average cash price firmed 69 cents on the week to $17.40 1/4.

Basis is weaker than the three-year average of 1 1/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 5 3/4 cents to 39 3/4 cents under May futures. The average cash price dropped a dime to $10.48 1/4. SRW basis is much weaker than the three-year average of 8 1/2 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 8 1/2 cents to 47 cents below May futures. The average cash price dropped 9 1/2 cents to $11.16 1/4. HRW basis is much weaker than the three-year average of 22 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $141.02 last week, up $2.20 from the previous week. This week’s cash trade has been mostly at $1 to $2 higher prices in the Southern Plains and $2 to $4 higher prices in the northern market. Last year at this time, the cash price was $121.36.

Choice boxed beef prices dropped $4.65 over the past week to $268.82. Last year, Choice boxed beef prices were $280.46.

HOG COMMENTS

The average lean hog carcass price firmed 97 cents over the past week to $98.97. Last year’s lean carcass price on this date was $105.65.

The pork cutout value firmed $1.69 over the past week to $108.49. Last year at this time, the cutout price stood at $112.16.