Midweek Cash Comments (VIP) -- October 17, 2012

October 17, 2012 11:05 AM
 

CORN COMMENTS

The national average corn basis improved 3 3/4 cents from last week to stand 5 3/4 cents over December futures. The national average cash corn price improved 18 1/4 cents from last week to $7.57.

Basis remains stronger than the three-year average, which is 14 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 1 1/2 cents from last week to stand 1 cents under November futures. The national average cash price declined 12 1/2 cents from last week to $15.08 1/4.

Basis is better than the three-year average, which is 19 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 3 3/4 cents from last week to 19 1/4 cents below December futures. The average cash price declined 9 3/4 cents to $8.37. The national average hard red winter (HRW) basis declined 3/4 cent from last week to 53 1/2 cents under December futures. The average cash price declined 4 1/4 cents to $8.40 1/2.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 76 cents under futures and 87 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $123.89, up 42 cents 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 $120.93.

Boxed beef prices improved $4.73 from last week, with Choice beef now at $195.71. Last year at this time, Choice boxed beef prices were $185.04.

 

HOG COMMENTS

The national average lean carcass bid down $3.44 over the past week to $83.21. Last year's price on this date was $93.51.

The pork cutout value rose $1.14 from last week to $87.79. Last year at this time, the average cutout price stood at $100.13.

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