Midweek Cash Comments (VIP) -- August 29, 2012

August 29, 2012 11:00 AM
 

CORN COMMENTS

The national average corn basis is down 2 3/4 cents from last week to stand 2 1/2 cents above December futures. The national average cash corn price declined 19 1/2 cents from last week to $8.16.

Basis remains stronger than the three-year average, which is 9 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis declined 30 3/4 cents from last week to stand 20 1/2 cents above November futures. The national average cash price declined 5 1/2 cents from last week to $17.73 1/2.

Basis is stronger than the three-year average, which is 30 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis is steady with last week at 18 1/4 cents below September futures. The average cash price declined 11 cents to $8.67 1/4. The national average hard red winter (HRW) basis slipped 1 3/4 cent from last week to 40 3/4 cents under September futures. The average cash price slipped 6 3/4 cents to $8.55 1/2.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 77 cents under futures and 91 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $120.25, down 26 cents 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 $117.46.

Boxed beef prices declined $2.81 from last week, with Choice beef now at $193.73. Last year at this time, Choice boxed beef prices were $182.79.

 

HOG COMMENTS

The national average lean carcass bid softened $5.37 over the past week to $83.28. Last year's price on this date was $96.29.

The pork cutout value fell $3.99 from last week to $82.59. Last year at this time, the average cutout price stood at $96.48.

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