Midweek Cash Markets (VIP) -- February 27, 2013

February 27, 2013 09:52 AM
 

CORN COMMENTS

The national average corn basis declined 5 3/4 cents from last week to stand 16 cents over March futures. The national average cash corn price improved 3 1/4 cents from last week to $7.25 1/2.

Basis remains stronger than the three-year average, which is 2 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis softened 5 1/2 cents from last week to stand 17 cents over March futures. The national average cash price declined 29 3/4 cents from last week to $14.74 1/2.

Basis remains much better than the three-year average, which is 4 3/4 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 10 cents from last week to 10 1/2 cents below March futures. The average cash price declined 36 3/4 cents to $7.01 1/2. The national average hard red winter (HRW) basis softened 7 cents from last week to 40 3/4 cents under March futures. The average cash price declined 41 1/2 cents to $7.02.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 42 cents under futures and 71 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid improved $1.23 last week to $123.82. Steady to firmer cash cattle trade is expected later this week. Last year at this time, the cash price was $129.33.

Boxed beef prices improved $3.26 from last week, with Choice beef now at $185.57. Last year at this time, Choice boxed beef prices were $198.80.

 

HOG COMMENTS

The national average lean carcass bid softened $5.30 over the past week to $80.30. Last year's price on this date was $87.63.

The pork cutout value softened 40 cents $81.95. Last year at this time, the average cutout price stood at $87.89.

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