Midweek Cash (VIP) -- October 10, 2013

October 10, 2013 04:43 AM
 

 

CORN COMMENTS

The national average corn basis softened 3 1/2 cents to stand 10 3/4 cents under December futures. The national average cash corn price firmed 1 1/2 cents from last week to $4.33 1/4.

Basis currently stands below the three-year average, which is 9 3/4 cents below futures.

 

SOYBEAN COMMENTS

The national average bean basis firmed 1/2 cents to 6 1/2 cents under November futures. The national average cash price firmed 20 3/4 cents from last week to $12.80 1/2.

Basis remains much better than the three-year average, which is 24 1/2 cents below futures for this week.

 

WHEAT COMMENTS

The national average soft red winter (SRW) wheat basis firmed 5 cents to 31 3/4 cents below December futures. The average cash price firmed 9 cents to $6.58 1/4. The national average hard red winter (HRW) basis softened 1/2 cent to 14 cents under December futures. The average cash price firmed 4 cents to $7.45.

Basis remains much better than the three-year average for SRW and HRW. The three-year average SRW basis for this week is 49 1/2 cents under futures and 68 1/2 cents under futures for HRW.

 

CATTLE COMMENTS

National average cash steer bids firmed 15 cents last week to $125.95. This week the cash market is expected to be steady to higher from last week due to tighter market-ready supplies. But the cash outlook remains uncertain due to the lack of official slaughter and beef market data due to the government shutdown. Last year at this time, the cash price was $123.89.

Based on estimates from Urner Barry, Choice boxed beef prices have slipped by $1 to $192.59. Last year at this time, Choice boxed beef prices were $190.70.

 

HOG COMMENTS

Average lean carcass bids are unavailable due to the government shutdown, but the cash market has been steady to lower so far this week. Last year's lean carcass price on this date was $77.76.

Based on estimates from Urner Barry, pork cutout values are $4.28 lower to $95.99. Last year at this time, the average cutout price stood at $86.85.

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