CORN COMMENTS
The national average corn basis gained 1/4 of a cent to 22 1/4 cents below December futures. The national cash corn index price fell 2 cents from last Wednesday to $4.14 3/4.
Basis remains just slightly weaker than the three-year average of 21 1/2 cents below futures.
SOYBEAN COMMENTS
The national average soybean basis gained 3/4 of a cent cents to 43 1/4 cents below November futures. The national cash soybean index price fell 38 cents from last Wednesday to $9.71. This is the largest decrease in the index over a weekly period since the July 21- July 28 timeframe earlier this year.
Basis remains substantially weaker than the three-year average of 28 3/4 cents below futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis gained 5 cents to 39 3/4 cents below December futures. The average cash price decreased 4 cents to $4.79. SRW basis continues to remain firmer than the three-year average of 73 1/4 cents under futures. The national average hard red winter (HRW) wheat basis gained 14 cents to 78 1/2 cents below December futures. The average cash price fell 16 cents to $4.28. HRW basis continues to trend weaker than the three-year average of 66 3/4 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged $237.51 last week, down $1.82 from the previous week, and is now down for four consecutive weeks. Cash trade has been minimal so far this week.
Choice boxed beef dropped $10.79 over the past week to $377.39. Last year at this time, choice boxed beef prices stood at $301.89.
HOG COMMENTS
The average lean hog carcass price fell 52 cents over the past week to $105.47. Hogs are still relatively strong comparted to the typical seasonal weaking that occurs this time of year. USDA’s hog and pigs report, to be released tomorrow, will be important for the markets. Last year’s lean carcass price on this date was $76.15.
The pork cutout value gained 65 cents over the past week to $111.63. Last year at this time, the cutout price stood at $93.96.