LIVESTOCK:
Livestock futures prices were mostly in the red at the end of Friday's trading session, with a few triple-digit losses. Lean hog futures kept up a heavy volume of profit-taking sales for the second-straight day. On the National Direct Afternoon Hog Report, negotiated prices were down $1.45 to a weighted average price of $100.87 on 3,980 head, and the 5-day rolling average was $104.02 per cwt. Cash cattle trade was quiet Friday afternoon with the business done for the week. Southern live trade has been marked at mostly $138, fully steady with the bulk of last week's deals. Northern dressed transactions have had a wide range of $219 to $228, mostly $222 to $225, roughly $1 to $4 higher than last week's weighted average basis Nebraska.
From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.82; June live cattle down $1.53; April feeder cattle unchanged; May feeder cattle up $0.80; April lean hogs down $6.18; June lean hogs down $5.40.
Friday's slaughter was seen at only 109,000 head, which is 5,000 head fewer than a week ago but 5,000 more than a year ago. Saturday's slaughter is estimated at 40,000 head, bringing the weekly total to 639,000, 20,000 below the prior week, but 36,000 greater than 2021.
Boxed beef prices were mixed Friday: choice down $1.25 ($267.14) and select up $0.18 ($262.52) with a movement of 100 loads (76.72 loads of choice, 6.37 loads of select, 7.77 loads of trim and 8.96 loads of ground beef).
GRAINS:
May corn closed down 13 3/4 cents and December corn was up 4 1/4 cents. May soybeans closed down 35 1/2 cents and November soybeans were down 13 3/4 cents. May KC wheat closed down 16 3/4 cents, May Chicago wheat was down 21 1/2 cents and May Minneapolis wheat was down 14 1/4 cents.
For the week:
May corn closed down 19 cents and December corn was up 19 cents. May soybeans ended down $1.27 1/2 and November soybeans were down 90 cents. May KC wheat closed down 39 cents, May Chicago wheat was down $1.17 3/4 and May Minneapolis wheat was down 39 cents.
DAIRY:
MILK
I reported Thursday that the usual reporting for the average soybean meal price for each month used for the calculation of the income-over-feed cost for the Dairy Margin Coverage program (DMC) has been changed. I was not able to access the average price. It is now being reported on a weekly basis, which has created some difficulty of knowing just how it is being discovered. By taking weekly average prices, it is difficult to know how to calculate it when there are partial weeks to a month. The Farm Service Agency does put out a price, but it is not released until the following morning. Reporting the income-over-feed price will likely always be delayed until the next day after the report. The soybean meal average price for February was $480.96, an increase of $59.75 per ton from January. The income-over-feed price for the month of February is $10.98. No payments will be received under the DMC program.
AVERAGE CLASS III PRICES
| 3 Month: | $24.20 |
| 6 Month: | $24.10 |
| 9 Month: | $23.71 |
| 12 Month: | $23.18 |
CHEESE
For the week, blocks increased 2 cents with seven loads traded. Barrels increased 0.25 cent with 30 loads traded. Dry whey declined 11 cents with 15 loads traded. Friday showed the largest one-day decline of dry whey since it began trading daily on the spot market back in March 2018. USDA released the February Dairy Products report Friday, indicating strong production relative to a year ago. American-type cheese production totaled 444 million pounds, up 4.3% from February 2021. Italian-type cheese output totaled 470 million pounds, up 6.0% from a year ago. Total cheese production was 1.11 billion pounds, up 6.3% from a year ago. Dry whey output totaled 75.0 million pounds, down 0.4%.
BUTTER
For the week, butter declined 8.50 cents with 27 loads traded. Grade A nonfat dry milk increased 0.25 cent with 22 loads traded. Butter production in February totaled 184 million pounds, down 1.4% from February 2021. Nonfat dry milk output reached 171 million pounds, down 6.9%. Skim milk powder totaled 29.6 million pounds, down 6.4%. Ice cream production totaled 52.3 million gallons, down 6.0%
OUTSIDE MARKETS:
The June U.S. Dollar Index is trading up 0.23 at 98.59. TJune gold is down $26.30 at $1,927.70, May silver is down $0.39 at $24.74 and May copper is down $0.0520. May heating oil is up $0.0575, May RBOB gasoline is down $0.0009 and May natural gas is up $0.079. May crude oil declined $1.01, closing at $99.27 per barrel. The Dow gained 140 points, closing at 34,818, while the NASDAQ gained 41 points, closing at 14,262.
DETAILED MARKETS:
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