Midweek Cash Markets (VIP) -- July 17, 2013

July 17, 2013 11:16 AM
 

CORN COMMENTS

The national average corn basis softened 3 1/4 cents over the past week to stand $1.47 1/2 cents over September futures. The national average cash corn price fell 18 1/2 cents from last week to $6.86.

Basis remains much stronger than the three-year average, which is 14 1/2 cents above futures.

 

SOYBEAN COMMENTS

The national average bean basis softened from last week to stand 90 cents over August futures. The national average cash price softened by 14 1/4 cents from last week to $15.67 1/2.

Basis remains much better than the three-year average, which is 24 cents over futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 3 3/4 cents to 8 3/4 cents below September futures. The average cash price softened by 10 3/4 cents to $6.56 1/4. The national average hard red winter (HRW) basis improved 2 1/2 cents from last week to 15 1/4 cents under September futures. The average cash price softened 3 3/4 cents to $6.87 1/2.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 18 1/4 cents under futures and 67 1/2 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid declined by 35 cents last week to $119.75. Cash cattle trade is expected to come in at least steady with last week due to tighter market-ready supplies. Last year at this time, the cash price was $112.90.

Boxed beef prices declined $3.63 from last week, with Choice beef now at $189.44. Last year at this time, Choice boxed beef prices were $182.16.

 

HOG COMMENTS

The national average lean carcass bid softened $1.48 over the past week to $101.88. Last year's price on this date was $95.51.

The pork cutout value declined by $4.04 from last week to $99.32. Last year at this time, the average cutout price stood at $92.68.

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