Midweek Cash Comments (VIP) -- October 3, 2012

October 3, 2012 11:20 AM
 

CORN COMMENTS

The national average corn basis improved 3/4 cents from last week to stand 2 3/4 cent under December futures. The national average cash corn price firmed 32 3/4 cents from last week to $7.54.

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

 

SOYBEAN COMMENTS

The national average bean basis declined 1/4 cent from last week to stand 4 cents under November futures. The national average cash price declined 41 1/2 cents from last week to $15.27 3/4.

Basis is better than the three-year average, which is 22 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis declined 10 1/2 cents from last week to 36 3/4 cents below December futures. The average cash price declined 7 cents to $8.36 1/4. The national average hard red winter (HRW) basis was unchanged from last week at 56 cents under December futures. The average cash price softened 3 1/2 cents to $8.35.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 84 cents under futures and 89 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $122.45, down $2.87 from the previous week. Cash cattle trade is expected to occur at steady prices this week. Last year at this time, the cash price was $119.00.

Boxed beef prices softened $1.75 from last week, with Choice beef now at $197.80. Last year at this time, Choice boxed beef prices were $184.24.

 

HOG COMMENTS

The national average lean carcass bid improved $4.99 over the past week to $77.76. Last year's price on this date was $91.51.

The pork cutout value rose $3.99 from last week to $83.11. Last year at this time, the average cutout price stood at $98.13.

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