Midweek Cash (VIP) -- January 29, 2014

January 29, 2014 10:29 AM
 

 

CORN COMMENTS

The national average corn basis was unchanged from last week to stand 2 3/4 cents over March futures. The national average cash corn price firmed 1 1/4 cents from last week to $4.29.

Basis is weaker than the three-year average, which is 5 3/4 cents over futures for this week.

 

SOYBEAN COMMENTS

The national average soybean basis softened 1 1/2 cents from last week to stand 12 cents above March futures. The national average cash price softened 44 1/4 cents from last week to $12.93.

Basis is a much weaker than the three-year average, which is 11 3/4 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 2 3/4 cents from last week to 7 cents below March futures. The average cash price softened 6 1/2 cents to $5.44 1/2. The national average hard red winter (HRW) basis firmed 1/4 cent from last week to 12 1/2 cents under March futures. The average cash price softened 16 1/4 cents to $5.96 1/4.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 13 1/2 cents under futures and 56 cents under futures for HRW.

 

CATTLE COMMENTS

Cash cattle trade averaged $1.22 higher last week at $148.22. Expectations are for lower trade this week. Last year at this time, the cash price was $122.60.

Choice boxed beef prices firmed $8.24 from last week to a record $231.81. Last year at this time, Choice boxed beef prices were $186.76.

HOG COMMENTS

The average lean hog carcass bid firmed $1.72 over the past week to $81.79. Last year's lean carcass price on this date was $88.30.

Pork cutout values firmed $3.07 from last week to $89.14. Last year at this time, the average cutout price stood at $85.46.

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