Midweek Cash Comments (VIP) -- October 24, 2012

October 24, 2012 11:12 AM
 

 

ORN COMMENTS

The national average corn basis softened 1 1/2 cents from last week to stand 4 1/4 cents over December futures. The national average cash corn price improved 1 3/4 cents from last week to $7.58 3/4.

Basis remains stronger than the three-year average, which is 15 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis declined 2 3/4 cents from last week to stand 3 3/4 cents under November futures. The national average cash price improved 58 1/2 cents from last week to $15.66 3/4.

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 3/4 cents from last week to 18 1/2 cents below December futures. The average cash price improved 28 1/2 cents to $8.65 1/2. The national average hard red winter (HRW) basis declined 2 3/4 cent from last week to 56 1/4 cents under December futures. The average cash price improved 25 cents to $8.65.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 66 cents under futures and 84 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $126.11, up $2.22 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 $121.54.

Boxed beef prices improved $3.67 from last week, with Choice beef now at $199.38. Last year at this time, Choice boxed beef prices were $187.45.

 

HOG COMMENTS

The national average lean carcass bid up $1.82 over the past week to $85.03. Last year's price on this date was $93.61.

The pork cutout value softened $2.37 from last week to $85.42. Last year at this time, the average cutout price stood at $96.54.

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