CORN COMMENTS
The national average corn basis dropped 3 cents but remained a penny above July futures. The national average cash corn price dropped 7 1/4 cents to $4.51.
Basis is much weaker than the three-year average of 13 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 5 3/4 cents to 6 3/4 cents above July futures. The national average cash price firmed 2 1/2 cents to $11.80 3/4.
Basis is much weaker than the three-year average of 30 1/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 4 1/2 cents to 27 1/2 cents under July futures. The average cash price dropped 30 1/2 cents to $5.54 1/2. SRW basis is about in line with the three-year average of 26 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 2 1/4 cents to 40 1/4 cents below July futures. The average cash price fell 34 1/4 cents to $5.60 1/2. HRW basis is weaker than the three-year average of 35 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged a record $192.55 last week, up $3.63 from the previous week and $2.46 above the prior high. Cash cattle trade will be pushed deep into the week, with active trade not expected until Friday afternoon. Last year, the cash price was $182.57.
Choice boxed beef firmed $2.92 over the past week to $320.52. Last year at this time, Choice boxed beef prices were $334.25.
HOG COMMENTS
The average lean hog carcass price dropped 74 cents over the past week to $88.86. Last year’s lean carcass price on this date was $90.10.
The pork cutout value dropped 98 cents over the past week to $98.03.01. Last year at this time, the cutout price stood at $96.08.