Midweek Cash (VIP) -- January 2, 2014

January 2, 2014 04:28 AM
 

 

CORN COMMENTS

The national average corn basis firmed 2 1/2 cents from last week to stand 1 cent over March futures. The national average cash corn price softened 10 cents from last week to $4.23.

Basis is stronger than the three-year average, which is 4 cents under futures for this week.

 

SOYBEAN COMMENTS

The national average soybean basis firmed 18 3/4 cents from last week to stand 18 3/4 cents above March futures (switch over from January contract). The national average cash price firmed 22 1/2 cents from last week to $13.11 1/4.

Basis is a much stronger than the three-year average, which is 2 3/4 cents below futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 1 1/4 cents from last week to 6 cents below March futures. The average cash price softened 2 1/4 cents to $5.99 1/4. The national average hard red winter (HRW) basis firmed 5 cents from last week to 5 cents under March futures. The average cash price declined a penny to $6.35 1/2.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 19 cents under futures and 64 cents under futures for HRW.

 

CATTLE COMMENTS

Last week's cash cattle price averaged $134.06, up $3.58 from the previous week. Expectations are for steady to higher cash cattle prices this week. Last year at this time, the cash price was $128.12.

Choice boxed beef prices firmed $3.79 from last week to $200.65. Last year at this time, Choice boxed beef prices were $193.94.

HOG COMMENTS

The average lean hog carcass bid softened 7 cents over the past week to $79.66. Last year's lean carcass price on this date was $82.39.

Pork cutout values fell $2.04 from last week to $83.44 Last year at this time, the average cutout price stood at $82.39.


 

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