CORN COMMENTS
The national average corn basis slipped 1/4 cent but remained 3 3/4 cents above September futures. The national average cash corn price dropped 12 1/4 cents to $4.11 3/4.
Basis is much weaker than the three-year average of 63 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis firmed 18 cents to 19 1/2 cents above futures on the rollover to the August contract. The national average cash price firmed 4 cents to $11.72.
Basis is much weaker than the three-year average of 38 3/4 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 18 1/2 cents to 46 3/4 cents below futures on the rollover to the September contract. The average cash price firmed 21 1/4 cents to $5.34 1/4. SRW basis is weaker than the three-year average of 33 1/2 cents under futures.
The national average hard red winter (HRW) wheat basis dropped 8 1/4 cents to 45 1/4 cents below futures on the rollover to the September contract. The average cash price firmed 4 cents to $5.47. HRW basis is weaker than the three-year average of 35 1/2 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged a record $195.81 last week, up 97 cents from the previous week’s high. Cash cattle are expected to trade steady/weaker, though higher prices again this week can’t be ruled out. Last year, the cash price was $182.06.
Choice boxed beef firmed another $7.54 over the past week to $330.39. Last year at this time, Choice boxed beef prices were $322.78.
HOG COMMENTS
The average lean hog carcass price dropped 67 cents over the past week to $86.92. Last year’s lean carcass price on this date was $96.38.
The pork cutout value dropped $1.20 over the past week to $94.32. Last year at this time, the cutout price stood at $109.20.