Midweek Cash Comments (VIP) -- September 12, 2012

September 12, 2012 11:06 AM
 

CORN COMMENTS

The national average corn basis is down 6 1/2 cents from last week to stand 6 cent under December futures. The national average cash corn price declined 28 cents from last week to $7.63 1/2.

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 3/4 cents from last week to stand 4 1/4 cents above November futures. The national average cash price declined 3 1/3 cents from last week to $17.50.

Basis is in line with the three-year average, which is 5 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis is down 3/4 cent from last week at 30 cents below September futures. The average cash price improved 21 1/2 cents to $8.60. The national average hard red winter (HRW) basis is unchanged from last week at 63 1/2 cents under September futures. The average cash price improved 25 1/2 cents to $8.49.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 82 cents under futures and 92 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $124.10, up $2.61 cents from the previous week. Cash cattle trade is expected to be steady to firmer compared with last week. Last year at this time, the cash price was $113.83.

Boxed beef prices improved 57 cents from last week, with Choice beef now at $191.71. Last year at this time, Choice boxed beef prices were $184.57.

 

HOG COMMENTS

The national average lean carcass bid plunged $7.12 over the past week to $70.17. Last year's price on this date was $86.22.

The pork cutout value fell 60 cents from last week to $77.46. Last year at this time, the average cutout price stood at $95.72.

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