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CORN COMMENTS
The national average corn basis fell 4 cents over the past week but remains 1 1/4 cents above March futures. The national average cash corn price dropped 5 1/2 cents to $5.87.
Basis is slightly weaker than the three-year average of 3 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 2 cents over the past week but remains 8 3/4 cents above January futures. The national average cash price slipped 1/2 cent on the week to $12.71 1/4.
Basis is much better than the three-year average of 12 1/2 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis inched 1/4 cent higher on the week to 32 1/2 cents under futures. The average cash price fell 38 1/4 cents to $7.23 1/2. SRW basis is much weaker than the three-year average of 6 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 23 1/4 cents below March futures. The average cash price fell 26 1/2 cents to $7.62 1/4. HRW basis is better than the three-year average of 32 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $139.69 last week, down 75 cents from the previous week. This week’s cash trade started at prices around $2 lower than last week. Last year at this time, the cash price was $106.75.
Choice boxed beef prices dropped another $3.85 over the past week to $260.26. Last year, Choice boxed beef prices were $218.26.
HOG COMMENTS
The average lean hog carcass price firmed $1.47 over the past week to $72.30. Last year’s lean carcass price on this date was $65.66.
The pork cutout value dropped $2.61 over the past week to $87.83. Last year at this time, the cutout price stood at $73.69.