Midweek Cash Update (VIP) -- December 19, 2012

December 19, 2012 10:05 AM
 

CORN COMMENTS

The national average corn basis improved 1 1/4 cents from last week to stand 4 1/2 cents over March futures. The national average cash corn price declined 23 1/2 cents from last week to $7.07 1/2.

Basis remains much stronger than the three-year average, which is 15 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis firmed 10 3/4 from last week to stand 23 1/4 cents over January futures. The national average cash price, however, declined 28 cents from last week to $14.60 1/4.

Basis is 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 firmed 4 1/4 cents from last week to 13 3/4 cents below March futures. The average cash price declined 2 cents to $7.92. The national average hard red winter (HRW) basis firmed 1/4 cent from last week to 48 3/4 cents under March futures. The average cash price softened 7 cents to $8.09 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 43 cents under futures and 78 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid improved 49 cents last week to $124.30. Early expectations are for steady to firmer cash trade this week. Last year at this time, the cash price was $121.70.

Boxed beef prices softened $2.23 from last week, with Choice beef now at $193.55 Last year at this time, Choice boxed beef prices were $191.17.

 

HOG COMMENTS

The national average lean carcass bid declined $3.02 over the past week to $81.49. Last year's price on this date was $84.56.

The pork cutout value have declined 55 cents from last week to $83.03. Last year at this time, the average cutout price stood at $86.50.

 

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