Midweek Cash Comments (VIP) -- September 5, 2012

September 5, 2012 11:13 AM
 

CORN COMMENTS

The national average corn basis is down 2 cents from last week to stand 1/2 cent above December futures. The national average cash corn price declined 24 3/4 cents from last week to $7.91 1/2.

Basis remains stronger than the three-year average, which is 19 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis declined 14 1/2 cents from last week to stand 6 cents above November futures. The national average cash price declined 20 cents from last week to $17.53 1/2.

Basis is below the three-year average, which is 41 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis is down 11 cents from last week at 29 1/4 cents below September futures. The average cash price declined 28 3/4 cents to $8.38 1/2. The national average hard red winter (HRW) basis slipped 22 3/4 cent from last week to 63 1/2 cents under September futures. The average cash price slipped 32 cents to $8.23 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 86 cents under futures and 98 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids ended last week at $121.49, up $1.24 cents from the previous week. Cash cattle trade is expected to be steady to $1 higher compared with last week. Last year at this time, the cash price was $116.95.

Boxed beef prices improved 22 cents from last week, with Choice beef now at $191.14. Last year at this time, Choice boxed beef prices were $180.38.

 

HOG COMMENTS

The national average lean carcass bid softened $5.99 over the past week to $77.29. Last year's price on this date was $89.14.

The pork cutout value fell $4.53 from last week to $78.06. Last year at this time, the average cutout price stood at $94.96.

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