CORN COMMENTS
The national average corn basis dropped 7 cents to 11 1/2 cents below May futures. The national average cash corn price dropped 29 cents to $4.44 1/4.
Basis is weaker than the three-year average of 3 3/4 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 3 1/4 cents to 14 cents below May futures. The national average cash price dropped 16 cents to $9.97 3/4.
Basis is much weaker than the three-year average of 2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 13 cents to 48 1/4 cents below futures on the rollover to the May contract and some locations adding old-crop bids. The average cash price fell 30 3/4 cents to $5.00. SRW basis is much better than the three-year average of 85 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis fell 14 3/4 cents to 67 cents below futures on the rollover to the May contract. The average cash price dropped 42 3/4 cents to $4.90. HRW basis is slightly weaker than the three-year average of 64 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $197.65 last week, down $1.99 from the previous week. Cash cattle are expected to trade lower again this week. Last year, the cash price was $185.12.
Choice boxed beef firmed 64 cents over the past week to $313.54. Last year at this time, Choice boxed beef prices stood at $304.91.
HOG COMMENTS
The average lean hog carcass price firmed $1.02 over the past week to $88.16. Last year’s lean carcass price on this date was $80.01.
The pork cutout value slipped 18 cents over the past week to $96.48. Last year at this time, the cutout price stood at $91.49.