Midweek Cash Comments (VIP) -- August 1, 2012

August 1, 2012 11:05 AM
 

CORN COMMENTS

The national average corn basis dropped 4 cents from last week to stand 8 3/4 cents above September futures. The national average cash corn price improved 2 cents from last week to $8.09 1/4.

Basis remains stronger than the three-year average, which is 4 cents over futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 24 cents from last week to stand 45 1/2 cents above November futures. The national average cash price slipped 41 1/4 cents from last week to $16.74 1/2.

Basis is stronger than the three-year average, which is 1 cent above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 10 3/4 cents from last week to 20 1/4 cents below September futures. The average cash price also slipped 34 1/2 cents to $8.59 1/4. The national average hard red winter (HRW) basis slipped 1/4 cent from last week to 41 cents under September futures. The average cash price dropped 20 cents to $8.43.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 35 cents under futures and 99 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $114.16, up $1.26 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 $116.15.

Boxed beef prices dropped 40 cents from last week, with Choice beef now at $177.69. Last year at this time, Choice boxed beef prices were $173.51.

 

HOG COMMENTS

The national average lean carcass bid softened 38 cents over the past week to $95.54. Last year's price on this date was $104.45.

The pork cutout value firmed $1.35 from last week to $94.03. Last year at this time, the average cutout price stood at $108.31.

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