Midweek Cash Comments -- July 25, 2012

July 25, 2012 11:33 AM
 

CORN COMMENTS

The national average corn basis dropped 6 cents from last week to stand 12 3/4 cents above September futures. The national average cash corn price fell 6 1/2 cents from last week to $8.07 1/4.

Basis remains stronger than the three-year average, which is 6 cents over futures for this week.

 

 

SOYBEAN COMMENTS

The national average bean basis slipped 1/4 cent from last week to stand 21 1/2 cents above August futures. The national average cash price improved 21 1/2 cents from last week to $17.15 3/4.

Basis is stronger than the three-year average, which is 14 cents above futures for this week.

 

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 1 cent from last week to 9 1/2 cents below September futures. The average cash price also slipped 1 cent to $8.93 3/4. The national average hard red winter (HRW) basis slipped 3/4 cent from last week to 40 3/4 cents under September futures. The average cash price dropped 2 3/4 cents to $8.63 1/4.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 32 cents under futures and 97 cents under futures for HRW.

 

 

CATTLE COMMENTS

National average cash steer bids ended last week at $112.90, down $1.75 from the previous week. Cash cattle trade is still uncertain, but most traders expect prices to be steady to firmer compared with last week. Last year at this time, the cash price was $112.37.

Boxed beef prices dropped $4.07 from last week, with Choice beef now at $178.09. Last year at this time, Choice boxed beef prices were $175.73.

 

 

HOG COMMENTS

The national average lean carcass bid firmed 41 cents over the past week to $95.92. Last year's price on this date was $99.93.

The pork cutout value firmed $2.27 from last week to $92.68. Last year at this time, the average cutout price stood at $102.34.

 

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