Midweek Cash Comments (VIP) -- November 7, 2012

November 7, 2012 10:16 AM
 

CORN COMMENTS

The national average corn basis improved 1/2 cent from last week to stand 6 1/4 cents over December futures. The national average cash corn price declined 11 cents from last week to $7.50 3/4.

Basis remains stronger than the three-year average, which is 9 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 4 1/4 cents from last week to stand 4 1/2 cents over January futures. The national average cash price declined 37 1/2 cents from last week to $15.11 1/2.

Basis is better than the three-year average, which is 20 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 6 1/4 cents from last week to 13 1/2 cents below December futures. The average cash price improved 35 3/4 cents to $8.80 1/2. The national average hard red winter (HRW) basis improved 6 1/2 cents from last week to 45 1/2 cents under December futures. The average cash price improved 34 cents to $8.83.

Basis is better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 47 cents under futures and 78 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids last week declined 41 cents to $126.17. Cash cattle trade is expected steady to lower this week. Last year at this time, the cash price was $122.87.

Boxed beef prices fell 84 cents from last week, with Choice beef now at $193.93. Last year at this time, Choice boxed beef prices were $189.25.

 

HOG COMMENTS

The national average lean carcass bid fell $1.49 from the past week to $82.49. Last year's price on this date was $88.51.

The pork cutout value firmed 18 cents from last week to $85.97. Last year at this time, the average cutout price stood at $90.43.

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