CORN COMMENTS
The national average corn basis is down 6 1/2 cents from last week to stand 6 cent under December futures. The national average cash corn price declined 28 cents from last week to $7.63 1/2.
Basis remains stronger than the three-year average, which is 16 cents below futures for this week.
SOYBEAN COMMENTS
The national average bean basis declined 1 3/4 cents from last week to stand 4 1/4 cents above November futures. The national average cash price declined 3 1/3 cents from last week to $17.50.
Basis is in line with the three-year average, which is 5 cents above futures for this week.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis is down 3/4 cent from last week at 30 cents below September futures. The average cash price improved 21 1/2 cents to $8.60. The national average hard red winter (HRW) basis is unchanged from last week at 63 1/2 cents under September futures. The average cash price improved 25 1/2 cents to $8.49.
Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 82 cents under futures and 92 cents under futures for HRW.
CATTLE COMMENTS
National average cash steer bids ended last week at $124.10, up $2.61 cents from the previous week. Cash cattle trade is expected to be steady to firmer compared with last week. Last year at this time, the cash price was $113.83.
Boxed beef prices improved 57 cents from last week, with Choice beef now at $191.71. Last year at this time, Choice boxed beef prices were $184.57.
HOG COMMENTS
The national average lean carcass bid plunged $7.12 over the past week to $70.17. Last year’s price on this date was $86.22.
The pork cutout value fell 60 cents from last week to $77.46. Last year at this time, the average cutout price stood at $95.72.
