CORN COMMENTS
The national average corn basis firmed 1 1/2 cents to 2 cents below July futures. The national average cash corn price inched up 1/4 cent to $4.59 1/4.
Basis is much weaker than the three-year average of 30 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 3 1/2 cents to 4 3/4 cents below July futures. The national average cash price firmed 36 1/4 cents to $12.41 1/2.
Basis is much weaker than the three-year average of 33 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 1 1/4 cents to 49 1/4 cents under July futures. The average cash price firmed 21 3/4 cents to $6.43 3/4. SRW basis is weaker than the three-year average of 36 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis held at 49 cents below July futures. The average cash price firmed 24 1/2 cents to $6.50 1/2. HRW basis is weaker than the three-year average of 33 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $188.54 last week, up $2.60 from the previous week. Initial light cash trade took place at higher prices in the northern market this week, though cash negotiations have been slow to develop in most areas. Last year, the cash price was $177.94.
Choice boxed beef firmed $5.40 over the past week to $312.17. Last year at this time, Choice boxed beef prices were $298.30.
HOG COMMENTS
The average lean hog carcass price firmed $1.01 over the past week to $89.87. Last year’s lean carcass price on this date was $77.48.
The pork cutout value dropped $1.63 over the past week to $100.07. Last year at this time, the cutout price stood at $80.87.