Midweek Cash Markets | Choice boxed beef prices surging

Cash cattle prices posted a record high last week.

ProFarmer - Midweek Cash Markets.jpg
Pro Farmer Midweek Cash Markets
(Lindsey Pound)

CORN COMMENTS

The national average corn basis firmed 1 3/4 cents to 6 cents below May futures. The national average cash corn price dropped 9 cents to $4.45 1/4.

Basis is weaker than the three-year average of 2 1/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 3 3/4 cents to a nickel below May futures. The national average cash price dropped 3 1/2 cents to $9.96.

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

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 1 1/2 cents to 47 1/2 cents below May futures. The average cash price dropped 26 3/4 cents to $4.87 3/4. SRW basis is better than the three-year average of 53 cents under futures.

The national average hard red winter (HRW) wheat basis firmed a dime to 55 cents below May futures. The average cash price dropped 19 3/4 cents to $5.10. HRW basis is weaker than the three-year average of 51 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged a record 212.76 last week, up $7.46 from the previous week. Cash cattle are expected to trade steady/firmer, though volume could be limited after big sales last week. Last year, the cash price was $188.23.

Choice boxed beef firmed another $8.69 over the past week to $338.30. Last year at this time, Choice boxed beef prices stood at $311.09.

HOG COMMENTS

The average lean hog carcass price dropped 69 cents over the past week to $86.71. Last year’s lean carcass price on this date was $82.73

The pork cutout value firmed 46 cents over the past week to $95.65. Last year at this time, the cutout price stood at $95.33.