Midweek Cash Markets (VIP) -- May 29, 2013

May 29, 2013 11:02 AM
 

CORN COMMENTS

The national average corn basis softened 3/4 cents over the past week to stand 54 cents over July futures. The national average cash corn price improved 5 3/4 cents from last week to $7.19.

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

 

SOYBEAN COMMENTS

The national average bean basis softened 24 cents from last week to stand 31 1/2 cents over July futures. The national average cash price softened 16 1/2 cents from last week to $15.33 1/4.

Basis remains much better than the three-year average, which is 6 1/2 cents over futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 3 cents from last week to 7 cents below July futures. The average cash price improved 17 1/4 cents to $6.95 3/4. The national average hard red winter (HRW) basis firmed 1 1/4 cents from last week to 14 3/4 cents under July futures. The average cash price declined 5 3/4 cents to $7.33.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 28 3/4 cents under futures and 66 1/4 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid dropped 63 cents last week to $124.75. Cash cattle trade is expected to be steady this week. Last year at this time, the cash price was $121.44.

Boxed beef prices fell $1.67 from last week, with Choice beef now at $209.53. Last year at this time, Choice boxed beef prices were $197.00.

 

HOG COMMENTS

The national average lean carcass bid rose 49 cents over the past week to $93.93. Last year's price on this date was $84.51.

The pork cutout value improved 12 cents from last week to $93.89. Last year at this time, the average cutout price stood at $84.56.

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