Midweek Cash Comments (VIP) -- October 10, 2012

October 10, 2012 11:10 AM
 

CORN COMMENTS

The national average corn basis improved 4 3/4 cents from last week to stand 2 cents over December futures. The national average cash corn price declined 15 1/4 cents from last week to $7.38 3/4.

Basis remains stronger than the three-year average, which is 16 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 1 1/2 cents from last week to stand 2 1/2 cents under November futures. The national average cash price declined 7 cents from last week to $15.20 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 13 3/4 cents from last week to 23 cents below December futures. The average cash price improved 10 1/2 cents to $8.46 3/4. The national average hard red winter (HRW) basis improved 3 1/4 cents from last week to 52 3/4 cents under December futures. The average cash price improved 9 3/4 cents to $8.44 3/4.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 74 cents under futures and 88 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $123.47, up $1.02 from the previous week. Cash cattle trade is expected to occur at prices $1 to $2 higher this week. Last year at this time, the cash price was $123.73.

Boxed beef prices improved 28 cents from last week, with Choice beef now at $190.98. Last year at this time, Choice boxed beef prices were $186.03.

 

HOG COMMENTS

The national average lean carcass bid improved $8.89 over the past week to $86.65. Last year's price on this date was $93.74.

The pork cutout value rose $3.54 from last week to $86.65. Last year at this time, the average cutout price stood at $95.76.

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