Midweek Cash Comments (VIP) -- November 28, 2012

November 28, 2012 09:57 AM
 

CORN COMMENTS

The national average corn basis slipped a penny from last week to stand 12 1/2 cents over December futures. The national average cash corn price improved 16 cents from last week to $7.72 3/4.

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

 

 

SOYBEAN COMMENTS

The national average bean basis firmed 2 cents from last week to stand 11 1/2 cents over January futures. The national average cash price improved 35 1/2 cents from last week to $14.57 3/4.

Basis is much better than the three-year average, which is 11 cents under futures for this week.

 

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 4 1/4 cents from last week to 1 1/4 cents below December futures. The average cash price improved 35 1/4 cents to $8.74 3/4. The national average hard red winter (HRW) basis firmed 7 cents from last week to 43 cents under December futures. The average cash price improved 47 3/4 cents to $8.75 1/4.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 29 cents under futures and 79 cents under futures for HRW.

 

 

CATTLE COMMENTS

National average cash steer bid firmed $2.01 last week to $127.30. Initial, light cash cattle trade was reported at $128 in Texas on Monday, although remaining sales this week are expected to be around $1 higher than that level. Last year at this time, the cash price was $120.47.

Boxed beef prices improved $1.45 from last week, with Choice beef now at $195.73. Last year at this time, Choice boxed beef prices were $194.43.

 

 

HOG COMMENTS

The national average lean carcass bid declined 12 cents over the past week to $78.54. Last year's price on this date was $84.97.

The pork cutout value strengthened $3.44 from last week to $84.71. Last year at this time, the average cutout price stood at $88.21.

 

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