Midweek Cash (VIP) -- March 12, 2014

March 12, 2014 11:25 AM
 

 

CORN COMMENTS

The national average corn basis firmed 7 3/4 cents from last week to stand 2 3/4 cents under May futures. The national average cash corn price firmed 12 3/4 cents from last week to $4.85 3/4.

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

 

SOYBEAN COMMENTS

The national average soybean basis firmed 5 3/4 cents from last week to 5 1/4 cents above May futures. The national average cash price softened 27 3/4 cents from last week to $13.92 1/4.

Basis is steady with the three-year average, at 5 1/4 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 3 3/4 cents from last week to 12 1/4 cents below May futures. The average cash price firmed 37 1/2 cents to $6.71 1/2. The national average hard red winter (HRW) basis softened 1 1/4 cents from last week to 19 cents below March futures. The average cash price firmed 36 1/4 cents to $7.28 3/4.

Basis remains better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 12 3/4 cents under futures and 51 1/4 cents under futures for HRW.

 

CATTLE COMMENTS

Cash cattle trade averaged $149.00 last week, down $1.61 from the previous week. The expectation is for steady to firmer trade. Last year at this time, the cash price was $127.72.

Choice boxed beef prices firmed $7.40 from last week to $241.91. Last year at this time, Choice boxed beef prices were $197.49.

HOG COMMENTS

The average lean hog carcass bid firmed $6.70 over the past week to $107.57. Last year's lean carcass price on this date was $77.49.

Pork cutout values firmed $11.67 from last week to $119.50. Last year at this time, the average cutout price stood at $78.44.

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