Midweek Cash Markets (VIP) -- July 24, 2013

July 24, 2013 11:27 AM
 

 

 

CORN COMMENTS

The national average corn basis firmed 5 1/4 cents over the past week to stand $1.52 3/4 over September futures. The national average cash corn price fell 25 cents from last week to $6.61.

Basis remains much stronger than the three-year average, which is 5 1/2 cents above futures.

 

SOYBEAN COMMENTS

The national average bean basis dropped 38 cents from last week to stand 52 cents over August futures. The national average cash price plunged by $1.23 from last week to $14.44 1/2.

Basis remains much better than the three-year average, which is 20 cents over futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 2 3/4 cents to 11 1/2 cents below September futures. The average cash price softened by 14 1/2 cents to $6.41 3/4. The national average hard red winter (HRW) basis improved 2 cents from last week to 13 1/4 cents under September futures. The average cash price softened 3 1/2 cents to $6.84.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 22 cents under futures and 69 1/2 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid declined by 12 cents last week to $119.75. Initial cash cattle sales started at steady prices in Kansas, though feedlots in other states are hoping to get firmer prices. Last year at this time, the cash price was $114.16.

Boxed beef prices declined $2.45 from last week, with Choice beef now at $186.99. Last year at this time, Choice boxed beef prices were $178.09.

 

HOG COMMENTS

The national average lean carcass bid softened $1.41 over the past week to $100.47. Last year's price on this date was $95.92.

The pork cutout value declined by $1.39 from last week to $97.93. Last year at this time, the average cutout price stood at $94.03.

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