Midweek Cash Comments (VIP) -- August 22, 2012

August 22, 2012 11:00 AM
 

CORN COMMENTS

The national average corn basis firmed 2 1/2 cents from last week to stand 5 1/4 cents above September futures. The national average cash corn price improved 38 3/4 cents from last week to $8.35 1/2.

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

 

SOYBEAN COMMENTS

The national average bean basis improved 5 1/2 cents from last week to stand 16 1/4 cents above November futures. The national average cash price improved 87 3/4 cents from last week to $17.79.

Basis is stronger than the three-year average, which is 31 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 2 cents from last week to 18 1/4 cents below September futures. The average cash price improved 41 3/4 cents to $8.78 1/4. The national average hard red winter (HRW) basis slipped 7 1/2 cent from last week to 42 1/2 cents under September futures. The average cash price improved 39 1/4 cents to $8.62 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 6 cents under futures and $1.01 under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $120.51, up $1 from the previous week. Cash cattle trade is expected to be steady to $1 higher compared with last week. Last year at this time, the cash price was $113.37.

Boxed beef prices improved $2.60 from last week, with Choice beef now at $193.73. Last year at this time, Choice boxed beef prices were $187.62.

 

HOG COMMENTS

The national average lean carcass bid softened $3.19 over the past week to $88.65. Last year's price on this date was $102.62.

The pork cutout value fell $5.13 from last week to $86.65. Last year at this time, the average cutout price stood at $96.48.

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