Midweek Cash (VIP) -- February 5, 2014

February 5, 2014 10:28 AM
 

 

CORN COMMENTS

The national average corn basis softened by 1 cent from last week to stand 1 3/4 cents over March futures. The national average cash corn price firmed 16 cents from last week to $4.45.

Basis is weaker than the three-year average, which is 7 3/4 cents over futures for this week.

 

SOYBEAN COMMENTS

The national average soybean basis softened 3 1/2 cents from last week to stand 8 1/2 cents above March futures. The national average cash price improved 31 3/4 cents from last week to $13.24 3/4.

Basis is a firmer than the three-year average, which is 3 1/2 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 1 cent from last week to 8 cents below March futures. The average cash price firmed 35 cents to $5.79 1/2. The national average hard red winter (HRW) basis firmed 3/4 cent from last week to 13 1/4 cents under March futures. The average cash price firmed 41 3/4 cents to $6.38.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 14 1/4 cents under futures and 55 1/4 cents under futures for HRW.

 

CATTLE COMMENTS

Cash cattle trade averaged $2.88 lower last week at $145.34. Expectations are for steady to lower trade this week. Last year at this time, the cash price was $125.18.

Choice boxed beef prices softened $15.17 from last week to $216.64. Last year at this time, Choice boxed beef prices were $183.94.

HOG COMMENTS

The average lean hog carcass bid firmed $1.66 over the past week to $83.45. Last year's lean carcass price on this date was $89.92.

Pork cutout values firmed 90 cents from last week to $90.04. Last year at this time, the average cutout price stood at $82.41.


 

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