CORN COMMENTS
The national average corn basis firmed 1/2 cent to 7 3/4 cents below March futures. The national average cash corn price dropped 3 1/4 cents to $4.85 1/2.
Basis is much weaker than the three-year average of 5 cent above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 3 3/4 cents to 17 3/4 cents below March futures. The national average cash price dropped 7 1/4 cents to $10.39 1/4.
Basis is much weaker than the three-year average of 3 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 13 1/2 cents to 51 3/4 cents below March futures as several locations dropped their old-crop bids. The average cash price dropped 3 3/4 cents to $5.20 1/2. SRW basis is much weaker than the three-year average of 36 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 1 1/4 cents to 57 3/4 cents below March futures. The average cash price firmed 12 3/4 cents to $5.34. HRW basis is much weaker than the three-year average of 42 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged a record $209.57 last week, up 38 cents from the previous week. After surging $24.78 during an 11-week span of gains, the historic runup in cash cattle prices may soon end, though it’s unlikely they will fall much as feedlots are current. Last year, the cash price was $181.15.
Choice boxed beef dropped $5.20 over the past week to $325.34. Last year at this time, Choice boxed beef prices were $294.98.
HOG COMMENTS
The average lean hog carcass price firmed $1.84 over the past week to $82.67. Last year’s lean carcass price on this date was $72.42.
The pork cutout value firmed 57 cents over the past week to $93.83. Last year at this time, the cutout price stood at $83.99.