Midweek Cash (VIP) -- February 12, 2014

February 12, 2014 10:15 AM
 

 

CORN COMMENTS

The national average corn basis softened by 1 1/4 cent from last week to stand 1/2 cent over March futures. The national average cash corn price softened 4 1/2 cents from last week to $4.40 1/2.

Basis is weaker than the three-year average, which is 8 3/4 cents over futures for this week.

 

SOYBEAN COMMENTS

The national average soybean basis softened 2 1/2 cents from last week to stand 6 cents above March futures. The national average cash price improved 4 1/4 cents from last week to $13.29.

Basis is a firmer than the three-year average, which is 3 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 6 cents from last week to 2 cents below March futures. The average cash price firmed 5 1/2 cents to $5.85. The national average hard red winter (HRW) basis softened 3/4 cent from last week to 14 1/2 cents under March futures. The average cash price firmed 10 1/2 cents to $6.48 1/2.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 13 cents under futures and 53 cents under futures for HRW.

 

CATTLE COMMENTS

Cash cattle trade averaged $4.72 lower last week at $140.62. Expectations are for steady to lower trade this week relative to the last fully established cash prices. Last year at this time, the cash price was $124.87.

Choice boxed beef prices softened $8.59 from last week to $208.05. Last year at this time, Choice boxed beef prices were $183.68.

HOG COMMENTS

The average lean hog carcass bid firmed $1.32 over the past week to $84.77. Last year's lean carcass price on this date was $88.96.

Pork cutout values firmed $2.91 from last week to $92.95. Last year at this time, the average cutout price stood at $79.96.


 

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