CORN COMMENTS
The national average corn basis firmed 1/2 cent to 1 1/2 cents below July futures. The national average cash corn price dropped 5 1/2 cents to $4.53 3/4.
Basis is much weaker than the three-year average of 28 3/4 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 1 1/2 cents to 3 1/4 cents below July futures. The national average cash price dropped 30 3/4 cents to $12.10 3/4.
Basis is much weaker than the three-year average of 27 1/2 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis firmed 2 1/4 cents to 47 cents under July futures. The average cash price firmed 2 cents to $6.45 3/4. SRW basis is much weaker than the three-year average of 28 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 3/4 cent to 48 1/4 cents below July futures. The average cash price firmed 21 cents to $6.71 1/2. HRW basis is weaker than the three-year average of 33 1/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged a record $190.09 last week, up $1.55 from the previous week and 53 cents above the previous all-time high in March. Cash cattle prices are expected to weaken this week, which has been the pattern following previous record highs. Last year, the cash price was $182.03.
Choice boxed beef firmed $1.45 over the past week to $313.62. Last year at this time, Choice boxed beef prices were $305.84.
HOG COMMENTS
The average lean hog carcass price dropped 64 cents over the past week to $89.23. Last year’s lean carcass price on this date was $79.46.
The pork cutout value firmed $1.67 over the past week to $101.74. Last year at this time, the cutout price stood at $85.27.