Midweek Cash Update (VIP) -- December 5, 2012

December 5, 2012 10:10 AM
 

CORN COMMENTS

The national average corn basis slipped 9 1/4 cents from last week to stand 3 1/4 cents over March futures. The national average cash corn price declined 11 3/4 cents from last week to $7.61.

Basis remains much stronger than the three-year average, which is 4 cents above futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis firmed a penny from last week to stand 12 1/2 cents over January futures. The national average cash price improved 34 cents from last week to $14.91.

Basis is much better than the three-year average, which is 8 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis declined 17 cents from last week to 18 1/4 cents below March futures. The average cash price declined 33 cents to $8.41 3/4. The national average hard red winter (HRW) basis declined 13 cents from last week to 56 cents under March futures. The average cash price softened 23 1/2 cents to $8.51 3/4.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 54 cents under futures and 84 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid declined $1.51 last week to $125.79. Early expectations are for mostly steady cash trade this week. Last year at this time, the cash price was $118.89.

Boxed beef prices declined 84 cents from last week, with Choice beef now at $194.89. Last year at this time, Choice boxed beef prices were $190.89.

 

HOG COMMENTS

The national average lean carcass bid surged $3.93 over the past week to $82.47. Last year's price on this date was $86.34.

The pork cutout value have improved $1.11 from last week to $85.82. Last year at this time, the average cutout price stood at $88.71.

 

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