The national average corn basis surged 96 cents over the past week to stand $1.40 cents over September futures (switchover from July contract). Meanwhile, the national average cash corn price softened 35 1/2 cents from last week to $6.73.
Basis remains much stronger than the three-year average, which is 23 1/2 cents above futures.
The national average bean basis surged 86 cents from last week to stand $1.17 over August futures (switchover from July contract). The national average cash price declined by 14 3/4 cents from last week to $15.50 1/2.
Basis remains much better than the three-year average, which is 19 3/4 cents over futures for this week.
The national average soft red winter (SRW) wheat basis softened 4 1/4 cents to 18 1/4 cents below September futures. The average cash price declined by 12 1/4 cents to $6.40. The national average hard red winter (HRW) basis softened 2 cents from last week to 66 cents under September futures. The average cash price softened 13 1/4 cents to $6.71 1/2.
Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 10 cents under futures and 66 cents under futures for HRW.
National average cash steer bid declined by 36 cents last week to $120.57. Cash cattle trade is expected to come in at least steady with last week due to tighter market-ready supplies. Last year at this time, the cash price was $117.11.
Boxed beef prices improved by 59 cents from last week, with Choice beef now at $197.10. Last year at this time, Choice boxed beef prices were $193.22.
The national average lean carcass bid fell 30 cents over the past week to $103.20. Last year's price on this date was $101.37.
The pork cutout value declined by $4.09 from last week to $106.06. Last year at this time, the average cutout price stood at $89.57.