Midweek Cash Comments (VIP) -- November 20, 2012

November 20, 2012 09:47 AM
 

CORN COMMENTS

The national average corn basis improved 2 1/4 cents from last week to stand 13 1/2 cents over December futures. The national average cash corn price improved 19 3/4 cents from last week to $7.56 3/4

Basis remains stronger than the three-year average, which is 8 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis slipped 1 1/4 cents from last week to stand 9 1/2 cents over January futures. The national average cash price declined 7 1/2 cents from last week to $14.22 1/4.

Basis is better than the three-year average, which is 16 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 4 cents from last week to 5 1/2 cents below December futures. The average cash price declined 9 3/4 cents to $8.39 1/2. The national average hard red winter (HRW) basis firmed 1/4 cent from last week to 50 cents under December futures. The average cash price declined 12 cents to $8.27 1/2.

Basis is better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 30 cents under futures and 79 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids last week improved 54 cents to $125.29. Most are expecting steady cash cattle trade this week. Last year at this time, the cash price was $124.88.

Boxed beef prices improved $1.06 from last week, with Choice beef now at $194.28. Last year at this time, Choice boxed beef prices were $196.87.

 

HOG COMMENTS

The national average lean carcass bid fell $2.82 from the past week to $78.29. Last year's price on this date was $83.29.

The pork cutout value declined 21 cents from last week to $81.27. Last year at this time, the average cutout price stood at $89.04.

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