Midweek Cash Markets (VIP) -- November 20, 2013

November 20, 2013 10:04 AM
 

CORN COMMENTS

The national average corn basis improved 6 1/4 cents from last week to stand 2 1/2 cents over December futures. The national average cash corn price, however, declined 6 1/2 cents from last week to $4.19 1/2.

Basis is weaker than the three-year average, which is 3 cents over futures.

 

SOYBEAN COMMENTS

The national average soybean basis softened 5 cents from last week to stand 5 3/4 cents over January futures. The national average cash price declined 46 1/4 cents from last week to $12.79 1/2.

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

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 3 cents from last week to 26 1/2 cents below December futures. The average cash price softened 1 1/4 cents to $6.20 3/4. The national average hard red winter (HRW) basis improved 1 cent from last week to 14 1/2 cents under December futures. The average cash price fell 5 cents to $6.81.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 18 1/4 cents under futures and 60 1/2 cents under futures for HRW.

 

CATTLE COMMENTS

Last week's cash cattle price averaged $131.59, up 66 cents from the previous week. Expectations are for steady to lower cash cattle prices this week. Last year at this time, the cash price was $127.30.

Choice boxed beef prices softened $3.67 from last week to $199.34. Last year at this time, Choice boxed beef prices were $194.28.

 

HOG COMMENTS

The average lean hog carcass bid dropped $2.17 over the past week to $82.83. Last year's lean carcass price on this date was $78.66.

Pork cutout values slipped $3.25 from last week to $89.13. Last year at this time, the average cutout price stood at $81.27.

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