Midweek Cash (VIP) -- August 28, 2013

August 28, 2013 11:34 AM
 

 

CORN COMMENTS

The national average corn basis firmed 8 3/4 cents to stand $1.14 over September futures. The national average cash corn price firmed 14 cents from last week to $6.18 1/4.

Basis remains much stronger than the three-year average, which is 17 1/2 cents below futures.

 

SOYBEAN COMMENTS

The national average bean basis firmed 6 1/4 cents to $1.15 1/2 over September futures. The national average cash price rallied $1.35 1/4 from last week to $15.48 1/2.

Basis remains much better than the three-year average, which is 6 cents over futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 3 1/2 cents to 26 3/4 cents below September futures. The average cash price firmed 11 1/2 cents to $6.19 3/4. The national average hard red winter (HRW) basis firmed 1/2 cent to 13 3/4 cents under September futures. The average cash price firmed 20 1/4 cents to $7.06 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 56 1/2 cents under futures and 68 3/4 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids firmed 43 cents last week to $124.55. This week, most expect steady prices compared with last week. Last year at this time, the cash price was $121.49.

Boxed beef prices firmed 82 cents from last week, with Choice beef now at $196.28. Last year at this time, Choice boxed beef prices were $190.92.

 

HOG COMMENTS

The national average lean carcass bid fell $5.09 over the past week to $95.14. Last year's price on this date was $83.28.

The pork cutout value fell $1.55 from last week to $96.93. Last year at this time, the average cutout price stood at $78.06.

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