Midweek Cash Comments (VIP) -- September 26, 2012

September 26, 2012 11:06 AM
 

CORN COMMENTS

The national average corn basis is improved 1 3/4 cents from last week to stand 3 1/2 cent under December futures. The national average cash corn price declined 30 cents from last week to $7.21 1/4.

Basis remains stronger than the three-year average, which is 17 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis improved 1 1/2 cents from last week to stand 3 3/4 cents under November futures. The national average cash price declined 95 cents from last week to $15.69 1/4.

Basis is in line with the three-year average, which is 13 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis is up 13 cents from last week at 26 1/4 cents below December futures. The average cash price improved 1 cent to $8.43 1/4. The national average hard red winter (HRW) basis improved 1 3/4 cents from last week to 56 cents under December futures. The average cash price softened 13 3/4 cents to $8.38 1/2.

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 $125.32, down 59 cents from the previous week. Cash cattle trade is getting started at $123. Last year at this time, the cash price was $123.97.

Boxed beef prices softened $3.00 from last week, with Choice beef now at $192.45. Last year at this time, Choice boxed beef prices were $183.00.

 

HOG COMMENTS

The national average lean carcass bid improved $5.14 over the past week to $72.77. Last year's price on this date was $91.45.

The pork cutout value rose $3.58 from last week to $79.12. Last year at this time, the average cutout price stood at $97.78.

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