Midweek Cash Markets (VIP) -- January 23, 2013

January 23, 2013 10:06 AM
 

CORN COMMENTS

The national average corn basis is steady from last week to stand 13 1/4 cents over March futures. The national average cash corn price declined a dime from last week to $7.34.

Basis remains much stronger than the three-year average, which is 6 1/4 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis softened 5 1/2 cents from last week to stand 30 1/4 cents over March futures. The national average cash price declined 5 cents from last week to $14.67 1/4.

Basis remains much better than the three-year average, which is 10 1/4 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 1 1/4 cents from last week to 3 cents below March futures. The average cash price dropped 9 cents to $7.71 3/4. The national average hard red winter (HRW) basis declined 1/4 cent from last week to 47 1/4 cents under March futures. The average cash price declined 12 1/2 cents to $7.83.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 40 cents under futures and 71 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid dropped $2.11 last week to $123.93. This week's cash cattle trade got started at $122.00 in the Plains. Last year at this time, the cash price was $123.82.

Boxed beef prices declined $4.05 from last week, with Choice beef now at $189.78. Last year at this time, Choice boxed beef prices were $184.85.

 

HOG COMMENTS

The national average lean carcass bid firmed $2.24 over the past week to $87.00. Last year's price on this date was $86.28.

The pork cutout value improved 83 cents from last week to $85.08. Last year at this time, the average cutout price stood at $84.77.

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