Agriculture Market Sees Sharp Price Declines Across Commodities
The agriculture market saw significant changes in prices and basis levels across various commodities. In wheat, the national average soft red winter (SRW) wheat basis slipped a quarter cent to 54 cents below December futures, while the average cash price fell by 22.5 cents to $6.55. This puts SRW basis firmer than its three-year average of 73 cents below December futures.
The national average hard red winter (HRW) wheat basis also declined by half a cent to 63 cents below December futures, with the average cash price dropping by 27.75 cents to $7.09 1/4. Despite this decline, HRW basis remains slightly firmer than its three-year average of 66 3/4 cents below futures.
In soybeans, the national average basis widened by 5.25 cents from last week to 2.25 cents above November futures, with the national cash soybean index price falling by 7.75 cents to $13.20 1/4. The basis is now firmer than its three-year average of 28.25 cents below futures.
The national average corn basis slipped by 4.75 cents to 30.5 cents below December futures, with the national cash corn index price falling by 9.75 cents from last Wednesday to $4.98 3/4. The national basis is weaker than its three-year average of 21.75 cents below futures.