Midweek Cash Markets (VIP) -- 7/31/2013

July 31, 2013 11:30 AM
 
CORN COMMENTS The national average corn basis plunged 50 3/4 cents over the past week to stand $1.02 over September futures. The national average cash corn price fell 60 cents from last week to $6.01. Despite the sharp drop from week-ago, basis remains much stronger than the three-year average, which is 1 1/2 cents above futures. SOYBEAN COMMENTS The national average bean basis surged 88 3/4 cents from last week on the rollover to the November contract. But the national average cash price plunged 97 cents from last week to $13.47 1/2. Basis remains much better than the three-year average, which is 22 cents over futures for this week. WHEAT COMMENTS The national average soft red winter (SRW) wheat basis firmed 1 3/4 cents to 9 3/4 cents below September futures. The average cash price rose 12 3/4 cents to $6.54 1/2. The national average hard red winter (HRW) basis improved 1/2 cent from last week to 12 3/4 cents under September futures. The average cash price firmed a dime to $6.94. Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 25 1/2 cents under futures and 70 1/2 cents under futures for HRW. CATTLE COMMENTS National average cash steer bid firmed 47 cents last week to $120.22. Cash cattle trade has yet to get started, but traders are hoping for steady to firmer prices compared with last week. Last year at this time, the cash price was $117.61. Boxed beef prices declined 67 cents from last week, with Choice beef now at $186.32. Last year at this time, Choice boxed beef prices were $177.69. HOG COMMENTS The national average lean carcass bid firmed 39 cents over the past week to $100.86. Last year's price on this date was $95.54. The pork cutout value firmed $2.66 from last week to $100.59. Last year at this time, the average cutout price stood at $92.48.

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