Midweek Cash Comments (VIP) -- November 14, 2012

November 14, 2012 10:05 AM
 

CORN COMMENTS

The national average corn basis improved 5 cents from last week to stand 11 1/4 cents over December futures. The national average cash corn price declined 13 3/4 cents from last week to $7.37.

Basis remains stronger than the three-year average, which is 13 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 6 1/4 cents from last week to stand 10 3/4 cents over January futures. The national average cash price declined 81 3/4 cents from last week to $14.29 3/4.

Basis is better than the three-year average, which is 24 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 5 cents from last week to 8 1/2 cents below December futures. The average cash price declined 40 1/4 cents to $8.49 1/4. The national average hard red winter (HRW) basis declined 1 3/4 cents from last week to 50 1/4 cents under December futures. The average cash price declined 43 1/2 cents to $8.39 1/2.

Basis is better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 42 cents under futures and 80 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids last week declined $1.42 to $124.75. Cash cattle trade is expected steady to lower this week. Last year at this time, the cash price was $124.89.

Boxed beef prices fell 71 cents from last week, with Choice beef now at $193.22. Last year at this time, Choice boxed beef prices were $195.45.

 

HOG COMMENTS

The national average lean carcass bid fell $1.01 from the past week to $81.48. Last year's price on this date was $84.92.

The pork cutout value declined $4.40 from last week to $81.48. Last year at this time, the average cutout price stood at $88.75.

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