Midweek Cash Markets (VIP) -- May 8, 2013

May 8, 2013 11:15 AM
 

CORN COMMENTS

The national average corn basis softened 4 cents over the past week to stand 41 1/2 cents over July futures. The national average cash corn price declined 14 1/2 cents from last week to $6.74 1/2.

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

 

SOYBEAN COMMENTS

The national average bean basis firmed 13 1/2 cents from last week to stand 90 1/2 cents over July futures. The national average cash price firmed 31 1/4 cents from last week to $14.81 1/4.

Basis remains much better than the three-year average, which is 5 1/2 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis improved 4 cents from last week to 7 3/4 cents below July futures. The average cash price declined 11 1/2 cents to $6.98 1/2. The national average hard red winter (HRW) basis firmed 2 1/4 cents from last week to 19 cents under July futures. The average cash price declined 19 1/2 cents to $7.41 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 37 cents under futures and 70 1/2 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid gained 74 cents last week to $129.02. Cash cattle trade began today at $2 below last week in the Southern Plains. Last year at this time, the cash price was $120.38.

Boxed beef prices increased $5.18 from last week, with Choice beef now at a new record high of $204.67. Last year at this time, Choice boxed beef prices were $191.51.

 

HOG COMMENTS

The national average lean carcass bid moved $5.24 higher over the past week to $89.78. Last year's price on this date was $79.74.

The pork cutout value improved 20 cents from last week to $86.56. Last year at this time, the average cutout price stood at $78.16.

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