Midweek Cash Comments (VIP) -- August 8, 2012

August 8, 2012 11:08 AM
 

CORN COMMENTS

The national average corn basis dropped 2 3/4 cents from last week to stand 6 cents above September futures. The national average cash corn price improved 7 1/2 cents from last week to $8.16 3/4.

Basis remains stronger than the three-year average, which is even with futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 2 cents from last week to stand 47 1/2 cents above November futures. The national average cash price slipped 45 3/4 cents from last week to $16.28 3/4.

Basis is much stronger than the three-year average, which is 52 cent below futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 1/4 cent from last week to 20 cents below September futures. The average cash price also improved 20 cents to $8.79 1/4. The national average hard red winter (HRW) basis slipped 1 1/2 cent from last week to 42 1/2 cents under September futures. The average cash price improved 18 1/4 cents to $8.61 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 $117.61, up $3.45 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 $114.03.

Boxed beef prices improved $3.73 from last week, with Choice beef now at $181.42. Last year at this time, Choice boxed beef prices were $177.23.

 

HOG COMMENTS

The national average lean carcass bid softened $1.92 over the past week to $93.62. Last year's price on this date was $107.64.

The pork cutout value fell $1.55 from last week to $92.48. Last year at this time, the average cutout price stood at $110.15.

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