Midweek Cash Markets (VIP) -- May 22, 2013

May 22, 2013 11:16 AM
 

CORN COMMENTS

The national average corn basis improved 6 cents over the past week to stand 54 3/4 cents over July futures. The national average cash corn price improved 62 1/2 cents from last week to $7.13 1/4.

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

 

SOYBEAN COMMENTS

The national average bean basis softened 37 1/4 cents from last week to stand 55 1/2 cents over July futures. The national average cash price firmed 44 1/4 cents from last week to $15.49 3/4.

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

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 1/4 cent from last week to 10 cents below July futures. The average cash price declined 6 cents to $6.78 1/2. The national average hard red winter (HRW) basis softened 1 3/4 cents from last week to 16 cents under July futures. The average cash price declined 7 1/4 cents to $7.27 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 37 cents under futures and 70 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid dropped 86 cents last week to $125.38. Cash cattle trade began today at $1 lower than last week. Last year at this time, the cash price was $122.23.

Boxed beef prices rose another $3.25 from last week, with Choice beef now at a new record high of $211.20. Last year at this time, Choice boxed beef prices were $195.01.

 

HOG COMMENTS

The national average lean carcass bid rose $1.29 over the past week to $93.44. Last year's price on this date was $84.89.

The pork cutout value improved $2.82 from last week to $93.77. Last year at this time, the average cutout price stood at $80.78.

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