Midweek Cash (VIP) -- March 5, 2014

March 5, 2014 10:14 AM
 

 

CORN COMMENTS

The national average corn basis softened 12 cents from last week to stand 6 cents under May futures. The national average cash corn price firmed 14 1/2 cents from last week to $4.73.

Basis is better than the three-year average, which is 8 1/2 cents below futures for this week.

 

SOYBEAN COMMENTS

The national average soybean basis softened 2 1/2 cents from last week to 1/2 cent below May futures. The national average cash price improved 10 3/4 cents from last week to $14.20.

Basis is much softer than the three-year average, which is 38 cents above futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis softened 9 3/4 cents from last week to 8 1/2 cents below May futures. The average cash price firmed 34 1/4 cents to $6.34. The national average hard red winter (HRW) basis softened 3 cents from last week to 17 3/4 cents below March futures. The average cash price firmed 28 1/4 cents to $6.92 1/2.

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 $150.61 last week, up $5.07 from the previous week. Rumors of $2.00 lower trade have surfaced today. Last year at this time, the cash price was $127.82.

Choice boxed beef prices surged $15.56 from last week to $234.51. Last year at this time, Choice boxed beef prices were $196.08.

HOG COMMENTS

The average lean hog carcass bid firmed $7.20 over the past week to $100.87. Last year's lean carcass price on this date was $77.75.

Pork cutout values firmed $8.00 even from last week to $107.83. Last year at this time, the average cutout price stood at $79.41.


 

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