Friday Market Watch

 LIVESTOCK:

Friday was recovering day for the lean hog and feeder cattle contracts, but the live cattle market wasn't easily persuaded into thinking the same. The live cattle market has grown concerned about the market's wavering tone of beef demand as feedlots sit with record numbers on feed and the summer low has yet to be established. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.89 with a weighted average of $101.47 on 2,867 head.

More: Friday Closing Livestock Market Update - Live Cattle Remain Skeptical  

GRAINS:

July corn closed down 10 1/4 cents per bushel and December corn was down 4 1/4 cents. July soybeans closed up 32 3/4 cents and November soybeans were up 17 3/4 cents. July KC wheat closed up 12 cents, July Chicago wheat was down 1 1/4 cents and July Minneapolis wheat was up 5 cents.

For the Week:

July corn was down 3 1/2 cents, December corn closed up 28 cents. July soybeans were up 24 1/2 and November closed up 27 1/2. July Chicago wheat was up 69 cents, Kansas City July was up $1.11 1/2, and Minneapolis July closed up $1.12 1/4.

DAIRY:

Milk production continues to improve across much of the country. However, temperatures in some areas have increased significantly recently, resulting in some of the milk production growth slowing as both cows and farms adjust to the rapid swing of temperatures. Milk component values this spring have been exceptionally good, primarily in the Midwest. It will be interesting to see whether this will hold or increase further. Bottling for school accounts is winding down as plants prepare for the summer slump. More milk will be made available for manufacturing, potentially allowing for inventory to increase seasonally. There is greater concern developing over demand as prices rise at the retail level. It will be determined by what consumers feel is more important for their diets. There was greater interest in dairy products during the early stages of COVID, which has carried through. The test will be during this period of inflation to see whether other products will see reduced demand while some hold strong demand or whether consumers will cut back across the board.

More: Friday Closing Dairy Market Summary - Concern Over Demand Rises

OUTSIDE MARKETS:    

The June U.S. Dollar Index is trading down 0.207 at 104.690. June gold is down $17.40 at $1,807.20, July silver is up $0.18 at $20.95 and July copper is up $0.0575 at $4.1580. June crude oil jumped $4.36, closing at $110.49 per barrel. The Dow jumped 466 points, ending at 32,197, while the NASDAQ jumped 434 points, closing at 11,805. June heating oil is up $0.0076, June RBOB is up $0.1688 and June natural gas is down $0.079.