Midweek Cash Markets (VIP) -- March 13, 2013

March 13, 2013 11:26 AM
 

CORN COMMENTS

The national average corn basis softened 1/2 cent from last week stand 30 1/2 cents over May futures. The national average cash corn price improved 21 1/4 cents from last week to $7.40 3/4.

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

 

SOYBEAN COMMENTS

The national average bean basis improved 1/2 cent from last week to stand 31 1/2 cents over May futures. The national average cash price softened 18 1/2 cents from last week to $14.78 1/2.

Basis remains much better than the three-year average, which is 7 1/2 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 2 1/2 cents from last week to 2 3/4 cents below May futures. The average cash price improved 28 3/4 cents to $7.07 1/4. The national average hard red winter (HRW) basis improved 6 cents from last week to 30 1/2 cents under May futures. The average cash price improved 13 1/4 cents to $7.01 1/4.

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 70 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid dropped a dime last week to $127.72. Cash cattle trade is expected to be steady to $1 higher this week. Last year at this time, the cash price was $126.45.

Boxed beef prices improved $1.41 from last week, with Choice beef now at $197.49. Last year at this time, Choice boxed beef prices were $190.87.

 

HOG COMMENTS

The national average lean carcass bid softened 26 cents over the past week to $77.49. Last year's price on this date was $87.23.

The pork cutout value softened 97 cents from last week to $78.44. Last year at this time, the average cutout price stood at $83.76.

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