Midweek Cash Comments (VIP) -- January 2, 2013

January 2, 2013 10:24 AM
 

CORN COMMENTS

The national average corn basis improved 3 1/4 cents from last week to stand 8 1/4 cents over March futures. The national average cash corn price firmed 3/4 cent from last week to $6.99.

Basis remains much stronger than the three-year average, which is 14 cents below futures for this week.

 

 

SOYBEAN COMMENTS

The national average bean basis firmed 2 3/4 cents from last week to stand 22 3/4 cents over March futures. The national average cash price declined 16 1/4 cents from last week to $14.28 1/4.

Basis remains much better than the three-year average, which is 12 3/4 cents under futures for this week.

 

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 10 3/4 cents from last week to 2 3/4 cents below March futures. The average cash price declined 8 1/2 cents to $7.52 1/2. The national average hard red winter (HRW) basis dropped 18 1/2 cents from last week to 63 1/2 cents under March futures. The average cash price fell 32 cents to $7.47 1/2.

Basis remains much better than the three-year average for SRW and is slightly better than normal for HRW. The three-year average SRW basis for this week is 47 1/2 cents under futures and 72 1/4 cents under futures for HRW.

 

 

CATTLE COMMENTS

National average cash steer bid firmed 85 cents last week to $127.03. Expectations are for steady to firmer cash trade this week. Last year at this time, the cash price was $120.97.

Boxed beef prices slipped 30 cents from last week, with Choice beef now at $193.94. Last year at this time, Choice boxed beef prices were $193.86.

 

 

HOG COMMENTS

The national average lean carcass bid firmed 20 cents over the past week to $82.39. Last year's price on this date was $81.50.

The pork cutout value have dropped $1.23 from last week to $81.47. Last year at this time, the average cutout price stood at $84.71.

 

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