Midweek Cash Markets | September 4, 2024

Corn and soybean basis drops as cash prices strengthen.

Midweek Cash Markets
Midweek Cash Markets
(Pro Farmer)

CORN COMMENTS

The national average corn basis dropped 22 cents on the rollover to the December contract to stand 19 3/4 cents below futures. The national average cash corn price firmed 25 1/2 cents to $3.93.

Basis is much weaker than the three-year average of 37 3/4 cents above futures.

SOYBEAN COMMENTS

The national average soybean basis dropped a dime to 20 1/2 cents below November futures. The national average cash price firmed 34 1/2 cents to $10.01.

Basis is much weaker than the three-year average of 57 3/4 cents above futures.

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis fell 7 1/2 cents to 63 1/2 cents below December futures. The average cash price firmed 59 cents to $5.17 1/4. SRW basis is weaker than the three-year average of 56 3/4 cents under futures.

The national average hard red winter (HRW) wheat basis dropped 15 3/4 cents on the rollover to the December contract to stand 56 1/4 cents below futures. The average cash price firmed 32 1/2 cents to $5.36 3/4. HRW basis is weaker than the three-year average of 45 1/4 cents under futures.

CATTLE COMMENTS

Cash cattle trade averaged $183.81 last week, down $1.73 from the previous week. Cash cattle are expected to trade mostly steady this week. Last year, the cash price was $182.28.

Choice boxed beef firmed $4.31 over the past week to $311.60. Last year at this time, Choice boxed beef prices were $313.57.

HOG COMMENTS

The average lean hog carcass price dropped $1.72 over the past week to $84.11. Last year’s lean carcass price on this date was $84.08.

The pork cutout value inched up a penny over the past week to $95.29. Last year at this time, the cutout price stood at $98.33.