Midweek Cash Comments (VIP) -- August 15, 2012

August 15, 2012 11:07 AM
 

CORN COMMENTS

The national average corn basis dropped 3 1/4 cents from last week to stand 2 3/4 cents above September futures. The national average cash corn price dropped 20 cents from last week to $7.96 3/4.

Basis remains stronger than the three-year average, which is 2 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 9 1/4 cents from last week to stand 56 3/4 cents above November futures. The national average cash price improved 62 1/2 cents from last week to $16.91 1/4.

Basis is stronger than the three-year average, which is 52 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis slipped 1/4 cent from last week to 20 1/4 cents below September futures. The average cash price slipped 52 3/4 cents to $8.26 1/2. The national average hard red winter (HRW) basis improved 7 1/2 cent from last week to 35 cents under September futures. The average cash price declined 38 1/4 cents to $8.23.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 6 cents under futures and $1.01 under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $119.51, up $1.90 from the previous week. Cash cattle trade is expected to be at least $1 higher compared with last week. Last year at this time, the cash price was $112.97.

Boxed beef prices improved $9.68 from last week, with Choice beef now at $191.10. Last year at this time, Choice boxed beef prices were $185.94.

 

HOG COMMENTS

The national average lean carcass bid softened $1.76 over the past week to $91.84. Last year's price on this date was $106.49.

The pork cutout value fell 77 cents from last week to $91.71. Last year at this time, the average cutout price stood at $107.45.

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