CORN COMMENTS
The national average corn basis dropped 6 cents to 3/4 cent above futures on the rollover to the July contract. The national average cash corn price firmed 7 cents to $4.51 1/2.
Basis is much weaker than the three-year average of 29 1/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 8 cents to 6 3/4 cents below futures on the rollover to the July contract. The national average cash price dropped 3 3/4 cents to $11.63 1/2.
Basis is much weaker than the three-year average of 33 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 2 cents to 58 1/4 cents under July futures. The average cash price firmed 2 3/4 cents to $5.41. SRW basis is much weaker than the three-year average of 36 1/4 cents under futures.
The national average hard red winter (HRW) wheat basis slipped a penny to 53 3/4 cents below July futures. The average cash price slipped 1/4 cent to $5.71 1/4. HRW basis is much weaker than the three-year average of 30 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $184.15 last week, up $1.48 from the previous week. Initial cash trade occurred at mostly steady prices but the overall tone this week is expected to be slightly lower. Last year, the cash price was $173.93.
Choice boxed beef dropped $2.20 over the past week to $293.54. Last year at this time, Choice boxed beef prices were $309.09.
HOG COMMENTS
The average lean hog carcass price dropped $1.02 over the past week to $88.30. Last year’s lean carcass price on this date was $72.46.
The pork cutout value dropped 72 cents over the past week to $97.99. Last year at this time, the cutout price stood at $80.07.