Midweek Cash Markets (VIP) -- March 6, 2013

March 6, 2013 10:08 AM
 

CORN COMMENTS

The national average corn basis improved 15 cents from last week on the rollover from March futures to stand 31 cents over May futures. The national average cash corn price declined 6 cents from last week to $7.19 1/2.

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

 

SOYBEAN COMMENTS

The national average bean basis improved 14 cents from last week on the rollover from March futures to stand 31 cents over May futures. The national average cash price improved 22 1/2 cents from last week to $14.97.

Basis remains much better than the three-year average, which is 8 3/4 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 5 1/4 cents from last week to 5 1/4 cents below May futures. The average cash price declined 23 cents to $6.78 1/2. The national average hard red winter (HRW) basis improved 4 1/4 cents from last week to 36 1/2 cents under May futures. The average cash price declined 14 cents to $6.88.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 42 cents under futures and 70 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid improved $4.00 last week to $127.82. Cash cattle trade began at steady levels earlier today in the Southern Plains. Last year at this time, the cash price was $126.70.

Boxed beef prices improved $10.51 from last week, with Choice beef now at $196.08. Last year at this time, Choice boxed beef prices were $197.53.

 

HOG COMMENTS

The national average lean carcass bid softened $2.55 over the past week to $77.75. Last year's price on this date was $87.17.

The pork cutout value softened $2.54 from last week to $79.41. Last year at this time, the average cutout price stood at $85.42.

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