CORN COMMENTS
The national average corn basis dropped 1 3/4 cents but remained 18 1/2 cents above May futures. The national average cash corn price firmed 1 1/2 cents to $6.72 1/4.
Basis is much better than the three-year average of 2 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 6 1/4 cents but remained 13 1/2 cents above May futures. The national average cash price firmed 34 cents to $15.31.
Basis is better than the three-year average of 5 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 2 cents to 53 1/2 cents under May futures. The average cash price fell 15 1/4 cents to $6.38. SRW basis is much weaker than the three-year average of 21 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 39 3/4 cents below May futures. The average cash price firmed 2 cents to $8.32 3/4. HRW basis is a little weaker than the three-year average of 38 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $168.74 last week, up $4.33 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 $138.82.
Choice boxed beef jumped $7.65 over the past week to $287.94. Last year at this time, Choice boxed beef prices were $271.04.
HOG COMMENTS
The average lean hog carcass price dropped $1.86 over the past week to $72.36. Last year’s lean carcass price on this date was $98.00.
The pork cutout value fell $3.41 over the past week to $76.85. Last year at this time, the cutout price stood at $104.37.