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CORN COMMENTS
The national average corn basis firmed 3 1/4 cents over the past week to 6 1/2 cents above March futures. The national average cash corn price also firmed 3 1/4 cents to $5.78.
Basis is better than the three-year average of 1 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 cents over the past week to 11 1/4 cents above January futures. The national average cash price fell 41 3/4 cents on the week to $12.39 1/2.
Basis is much better than the three-year average of 18 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis fell 5 3/4 cents on the rollover to the March contract to stand 38 1/4 cents under futures. The average cash price plunged 71 1/4 cents to $7.52 1/4. SRW basis is much weaker than the three-year average of 12 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis dropped 2 1/4 cents to 24 1/2 cents below March futures. The average cash price fell 61 3/4 cents to $7.94 3/4. HRW basis is better than the three-year average of 39 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $138.17 last week, up $5.06 from the previous week. This week’s cash trade started at roughly steady prices, though movement has been light. Last year at this time, the cash price was $110.27.
Choice boxed beef prices dropped $8.42 over the past week to $270.22. Last year, Choice boxed beef prices were $244.30.
HOG COMMENTS
The average lean hog carcass price dropped $2.88 over the past week to $70.27. Last year’s lean carcass price on this date was $67.70.
The pork cutout value fell $2.55 over the past week to $82.37. Last year at this time, the cutout price stood at $79.03.