Midweek Cash Markets | November 6, 2024

Corn and soybean basis firmed to be virtually in line with the three-year averages.

Midweek Cash Markets
Midweek Cash Markets
(Pro Farmer)

CORN COMMENTS

The national average corn basis firmed 11 1/2 cents to 6 3/4 cents below December futures. The national average cash corn price firmed 26 1/4 cents to $4.19 1/2.

Basis is slightly weaker than the three-year average of 5 1/4 cents below futures.

SOYBEAN COMMENTS

The national average soybean basis firmed 2 1/4 cents to 5 1/2 cents below January futures. The national average cash price firmed 29 1/2 cents to $9.98 1/4.

Basis is in line with the three-year average of 5 cents below futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 21 1/2 cents to 44 1/2 cents below December futures as several locations removed bids. The average cash price firmed 21 1/4 cents to $5.28 3/4. SRW basis is near the three-year average of 46 cents under futures.

The national average hard red winter (HRW) wheat basis firmed 3/4 cent to 52 cents below December futures. The average cash price dropped a penny to $5.22. HRW basis is weaker than the three-year average of 40 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $189.82 last week, down 23 cents from the previous week. This week’s cash cattle trade is expected to be steady to weaker. Last year, the cash price was $179.91.

Choice boxed beef dropped $3.85 over the past week to $315.59. Last year at this time, Choice boxed beef prices were $298.75.

HOG COMMENTS

The average lean hog carcass price firmed $3.70 over the past week to $88.10. Last year’s lean carcass price on this date was $74.41.

The pork cutout value firmed 58 cents over the past week to $102.15. Last year at this time, the cutout price stood at $86.58.