Midweek Cash Markets (VIP) -- May 15, 2013

May 15, 2013 11:36 AM
 

CORN COMMENTS

The national average corn basis softened 7 1/4 cents over the past week to stand 48 3/4 cents over July futures. The national average cash corn price declined 23 3/4 cents from last week to $6.50 3/4.

Basis remains much stronger than the three-year average, which is 7 3/4 cents above futures.



SOYBEAN COMMENTS

The national average bean basis firmed 2 1/4 cents from last week to stand 92 3/4 cents over July futures. The national average cash price dropped 68 1/2 cents from last week to $14.12 3/4.

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



WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 2 cents from last week to 9 3/4 cents below July futures. The average cash price declined 14 1/2 cents to $6.84 1/2. The national average hard red winter (HRW) basis firmed 1 1/4 cents from last week to 17 3/4 cents under July futures. The average cash price declined 7 1/2 cents to $7.34 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 38 cents under futures and 74 1/2 cents under futures for HRW.



CATTLE COMMENTS

National average cash steer bid dropped $2.78 last week to $126.24. Cash cattle trade is expected to be steady to firmer this week, though active trade isn't expected until late in the week. Last year at this time, the cash price was $121.23.

Boxed beef prices rose another $3.28 from last week, with Choice beef now at a new record high of $207.95. Last year at this time, Choice boxed beef prices were $190.98.



HOG COMMENTS

The national average lean carcass bid rose $2.37 over the past week to $92.15. Last year's price on this date was $79.88.

The pork cutout value surged $4.39 from last week to $90.95. Last year at this time, the average cutout price stood at $78.64.

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