Midweek Cash Comments (VIP) -- October 31, 2012

October 31, 2012 11:19 AM
 

CORN COMMENTS

The national average corn basis improved 1 3/4 cents from last week to stand 6 cents over December futures. The national average cash corn price improved 3 cents from last week to $7.61 3/4.

Basis remains stronger than the three-year average, which is 11 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 4 cents from last week to stand 1/4 cents over January futures. The national average cash price declined 17 3/4 cents from last week to $15.49.

Basis is better than the three-year average, which is 17 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 1 1/4 cents from last week to 19 3/4 cents below December futures. The average cash price declined 20 3/4 cents to $8.44 3/4. The national average hard red winter (HRW) basis improved 1 1/4 cent from last week to 55 cents under December futures. The average cash price softened 16 cents to $8.49.

Basis is better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 58 cents under futures and 81 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week improved 47 cents to $126.58. Cash cattle trade began at prices steady to $1 lower in the Southern Plains on Tuesday. Last year at this time, the cash price was $125.49.

Boxed beef prices fell $4.61 from last week, with Choice beef now at $194.77. Last year at this time, Choice boxed beef prices were $187.38.

 

HOG COMMENTS

The national average lean carcass bid fell $1.05 from the past week to $83.98. Last year's price on this date was $90.45.

The pork cutout value firmed 37 cents from last week to $85.79. Last year at this time, the average cutout price stood at $94.57.

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