Midweek Cash Update (VIP) -- January 9, 2013

January 9, 2013 09:55 AM
 

CORN COMMENTS

The national average corn basis improved 4 1/2 cents from last week to stand 12 3/4 cents over March futures. The national average cash corn price firmed 8 cents from last week to $7.07.

Basis remains much stronger than the three-year average, which is 12 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average bean basis firmed 4 1/4 cents from last week to stand 27 cents over March futures. The national average cash price declined 15 3/4 cents from last week to $14.12 1/2.

Basis remains much better than the three-year average, which is 16 1/4 cents under futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 1/4 cents from last week to 2 1/2 cents below March futures. The average cash price declined 9 1/2 cents to $7.43. The national average hard red winter (HRW) basis improved 5 1/2 cents from last week to 58 cents under March futures. The average cash price fell 4 1/4 cents to $7.43 1/4.

Basis remains much better than the three-year average for SRW and is slightly better than normal for HRW. The three-year average SRW basis for this week is 45 1/2 cents under futures and 72 1/4 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bid firmed $1.09 last week to $128.12. Cash cattle trade has gotten underway at steady prices compared to last week. Last year at this time, the cash price was $122.99.

Boxed beef prices slipped 39 cents from last week, with Choice beef now at $193.55. Last year at this time, Choice boxed beef prices were $188.97.

 

HOG COMMENTS

The national average lean carcass bid firmed $1.65 over the past week to $84.04. Last year's price on this date was $83.79.

The pork cutout value improved 59 cents from last week to $82.98. Last year at this time, the average cutout price stood at $83.12.

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