Midweek Cash Comments -- July 18, 2012

July 18, 2012 11:15 AM
 

CORN COMMENTS

The national average corn basis softened 15 1/4 cents from last week to stand 18 3/4 cents above September futures. The national average cash corn price improved 75 3/4 cents from last week to $8.13 3/4.

Basis is much stronger than the three-year average, which is 11 cents over futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis softened 6 cents from last week to stand 21 3/4 cents above August futures. The national average cash price improved 62 1/2 cents from last week to $16.61 3/4.

Basis is weaker than the three-year average, which is 28 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 4 1/2 cent from last week to 8 1/2 cents below September futures. The average cash price firmed 72 1/4 cents to $8.94 3/4. The national average hard red winter (HRW) basis improved 11 cents from last week to 40 cents under September futures. The average cash price rose 86 cents to $8.66.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 27 cents under futures and 93 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $114.65, down $2.46 from the previous week. Cash cattle trade has already taken place at mostly $113 this week. Last year at this time, the cash price was $108.61.

Boxed beef prices dropped $5.65 from last week, with Choice beef now at $182.16. Last year at this time, Choice boxed beef prices were $178.24.

 

HOG COMMENTS

The national average lean carcass bid dropped $4.23 over the past week to $95.51. Last year's price on this date was $95.37.

The pork cutout value improved 84 cents from last week to $90.41. Last year at this time, the average cutout price stood at $99.43.

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