Midweek Cash Markets | July 24, 2024

Basis drops for corn and soybeans as cash prices rise.

Midweek Cash Markets
Midweek Cash Markets
(Pro Farmer)

CORN COMMENTS

The national average corn basis dropped 2 1/2 cents but remained 9 1/2 cents above September futures. The national average cash corn price firmed 4 1/4 cents to $4.13 1/4.

Basis is much weaker than the three-year average of 78 1/2 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped 5 3/4 cents but remained 11 1/4 cents above August futures. The national average cash price firmed 8 cents to $11.22 1/4.

Basis is much weaker than the three-year average of $1.07 1/4 above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1/2 cent to 49 1/4 cents below September futures. The average cash price firmed 7 3/4 cents to $4.98 1/4. SRW basis is weaker than the three-year average of 39 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis held at 45 cents below September futures. The average cash price firmed 6 1/2 cents to $5.22 1/2. HRW basis is weaker than the three-year average of 37 3/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $193.57 last week, down 57 cents from the previous week. Cash cattle prices are expected to weaken slightly again this week. Last year, the cash price was $184.81.

Choice boxed beef dropped $5.48 over the past week to $312.68. Last year at this time, Choice boxed beef prices were $303.34.

HOG COMMENTS

The average lean hog carcass price firmed $1.61 over the past week to $88.08. Last year’s lean carcass price on this date was $103.54.

The pork cutout value firmed $5.44 over the past week to $104.76. Last year at this time, the cutout price stood at $112.75.