Midweek Cash Comments (VIP) -- September 19, 2012

September 19, 2012 11:00 AM
 

CORN COMMENTS

The national average corn basis is improved 3/4 cents from last week to stand 5 1/4 cent under December futures. The national average cash corn price declined 11 1/4 cents from last week to $7.51 1/4.

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 9 1/2 cents from last week to stand 5 1/4 cents under November futures. The national average cash price declined 85 3/4 cents from last week to $16.64 1/4.

Basis is in line with the three-year average, which is 10 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis is down 9 1/4 cent from last week at 39 1/4 cents below September futures. The average cash price softened 17 3/4 cents to $8.42 1/4. The national average hard red winter (HRW) basis improved 5 3/4 cents from last week to 57 3/4 cents under September futures. The average cash price improved 3 1/4 cents to $8.52 1/4.

Basis is much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 87 cents under futures and 91 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $125.91, up $1.90 from the previous week. Cash cattle trade is expected to be steady to firmer compared with last week, although it's not expected until Friday as bids and asking prices are several dollars apart. Last year at this time, the cash price was $120.09.

Boxed beef prices improved $3.74 from last week, with Choice beef now at $195.45. Last year at this time, Choice boxed beef prices were $184.24.

 

HOG COMMENTS

The national average lean carcass bid softened $2.54 over the past week to $67.63. Last year's price on this date was $89.89.

The pork cutout value fell $1.92 from last week to $75.54. Last year at this time, the average cutout price stood at $96.05.

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