Midweek Cash Markets | Corn, soybean basis continues recent recovery

Soybean basis firmed despite the rollover to the January contract, which is around 13 cents above November.

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CORN COMMENTS

The national average corn basis firmed 2 1/2 cents over the past week to 5 1/2 cents under December futures. The national average cash corn price firmed 9 1/4 cents to $5.58 1/2.

Basis is weaker than the three-year average of 1 3/4 cents under futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 1/2 cent over the past week to stand 5 1/4 cents below January futures. The national average cash price firmed 5 1/2 cents on the week to $12.39.

Basis is much better than the three-year average of 21 1/4 cents under futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 30 cents under December futures. The average cash price rose 21 cents to $7.51. SRW basis is much weaker than the three-year average of 9 1/4 cents under futures.

The national average hard red winter (HRW) wheat basis improved 2 1/4 cents to 22 3/4 cents below December futures. The average cash price firmed 10 1/4 cents to $7.68. HRW basis is better than the three-year average of 34 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $126.29 last week, up $1.90 from the previous week. This week’s cash trade started around $128 in the Southern Plains and $130 in the northern market – $2 to $3 higher than last week’s trade in these areas. Last year at this time, the cash price was $104.24.

Choice boxed beef prices firmed $4.86 over the past week to $288.49. Last year, Choice boxed beef prices were $205.79.

HOG COMMENTS

The average lean hog carcass price fell another $2.97 over the past week to $78.70. Last year’s lean carcass price on this date was $76.29.

The pork cutout value firmed $6.12 over the past week to $100.44. Last year at this time, the cutout price stood at $81.09.