Midweek Cash Markets (VIP) -- March 26, 2013

March 26, 2013 11:23 AM
 

CORN COMMENTS

The national average corn basis softened 2 1/2 cent from last week stand 23 1/2 cents over May futures. The national average cash corn price declined 4 3/4 cents from last week to $7.53 3/4.

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

 

SOYBEAN COMMENTS

The national average bean basis improved 2 cents from last week to stand 28 cents over May futures. The national average cash price improved 30 cents from last week to $14.75 3/4.

Basis remains much better than the three-year average, which is 5 1/2 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 7 1/2 cents from last week to 8 1/4 cents below May futures. The average cash price declined 12 cents to $7.23 1/4. The national average hard red winter (HRW) basis softened 1/2 cent from last week to 26 1/2 cents under May futures. The average cash price improved 3 cents to $7.42.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 36 cents under futures and 67 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid dropped a $1.88 last week to $124.78. Steady to slightly weaker cash cattle trade is expected this week. Last year at this time, the cash price was $125.55.

Boxed beef prices declined $2.98 from last week, with Choice beef now at $190.43. Last year at this time, Choice boxed beef prices were $184.24.

 

HOG COMMENTS

The national average lean carcass bid softened $1.99 over the past week to $74.24. Last year's price on this date was $84.33.

The pork cutout value improved $1.18 from last week to $77.59. Last year at this time, the average cutout price stood at $80.28.

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