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CORN COMMENTS
The national average corn basis inched 1/4 cent higher over the past week to 1 1/4 cents below March futures. The national average cash corn price firmed 6 3/4 cents to $6.03 1/2.
Basis is slightly better than the three-year average of 2 3/4 cents under futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 2 cents over the past week but remains 4 3/4 cents above January futures. The national average cash price firmed 49 1/4 cents on the week to $13.64.
Basis is much better than the three-year average of 11 cents under futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis slipped 1/4 cent to 32 3/4 cents under March futures. The average cash price fell 15 3/4 cents to $7.50 3/4. SRW basis is much weaker than the three-year average of 9 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1/4 cent to 23 cents below March futures. The average cash price dropped 19 1/2 cents to $7.98 3/4. HRW basis is much better than the three-year average of 46 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $135.64 last week, down $1.55 from the previous week. Bids and asking prices have not been solidly established yet, though cash sources expect prices to be slightly lower again this week. Last year at this time, the cash price was $109.19.
Choice boxed beef prices firmed $3.27 over the past week to $264.66. Last year, Choice boxed beef prices were $210.67.
HOG COMMENTS
The average lean hog carcass price dropped $1.20 over the past week to $71.82. Last year’s lean carcass price on this date was $62.04.
The pork cutout value firmed $1.98 over the past week to $86.89. Last year at this time, the cutout price stood at $70.99.