Midweek Cash Markets (VIP) -- May 1, 2013

May 1, 2013 11:32 AM
 

CORN COMMENTS

The national average corn basis firmed 23 3/4 cents over the past week to stand 42 1/4 cents over on the switch to July futures. The national average cash corn price firmed 30 cents from last week to $6.89.

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

 

SOYBEAN COMMENTS

The national average bean basis firmed 52 cents from last week to stand 77 cents over July futures. The national average cash price firmed 21 cents from last week to $14.50.

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

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis declined 10 3/4 cents from last week to 11 cents below July futures. The average cash price firmed 19 cents to $7.10. The national average hard red winter (HRW) basis firmed 3/4 cents from last week to 21 1/4 cents under July futures. The average cash price improved 44 1/2 cents to $7.61.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 41 cents under futures and 73 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid gained $1.98 last week to $128.28. Cash cattle trade is expected to be $1 higher this week. Last year at this time, the cash price was $120.61.

Boxed beef prices increased $7.95 from last week, with Choice beef now at $199.49. Last year at this time, Choice boxed beef prices were $191.18.

 

HOG COMMENTS

The national average lean carcass bid moved $3.86 higher over the past week to $84.54. Last year's price on this date was $82.25.

The pork cutout value improved $1.50 from last week to $86.36. Last year at this time, the average cutout price stood at $78.45.

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