Friday Market Watch

 LIVESTOCK:

Heading into the long weekend, the livestock complex closed mixed as traders' support was touch and go, and largely, the market agreed to let next week's complex sort out the fine details. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.67 with a weighted average of $109.68 on 4,736 head.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $0.60, August live cattle up $0.85; August feeder cattle up $2.40, September feeder cattle up $2.30; June lean hogs up $1.53, and July lean hogs up $2.73.

More: Friday Closing Livestock Market Update - Mixed-to-Lower Trends Ahead of Memorial Day Weekend 

GRAINS:

July corn closed up 12 1/4 cents and December corn was up 11 1/4 cents. July soybeans closed up 5 3/4 cents and November soybeans were down 3/4 cent. July KC wheat closed up 6 3/4 cents, July Chicago wheat was up 14 1/4 cents and September Minneapolis wheat was up 13 cents. 

For the week:

July corn closed down 1 1/2 cents and December corn was down 2 cents. July soybeans ended up 27 cents and November soybeans were up 22 1/4 cents. July KC wheat closed down 17 1/2 cents, July Chicago wheat was down 11 1/4 cents and September Minneapolis wheat was up 26 cents.

DAIRY:

MILK

It was interesting to see June Class III milk slightly higher than a week ago. July was slightly lower while August and later contracts were higher for the week. This does not make sense when looking at the movement of cash this week. However, the psychology of the market is bullish with traders anticipating stronger prices as time moves on. This attitude is based on reduced milk production and steady to stronger demand both domestically and internationally. 

AVERAGE CLASS III PRICES

3 Month:	$24.77
6 Month:	$24.46
9 Month:	$23.90
12 Month:	$23.17

CHEESE

For the week, blocks declined 10 cents with only 3 loads traded. Barrels declined 5.50 cents with 11 loads traded. Dry whey increased 2.50 cents with 10 loads traded. Cheese buyers did not see the need to aggressively purchase product. They have some already purchased ahead and have been a little concerned over the impact a recession might have on demand. Global prices have stalled over the past two months which may impact exports.

BUTTER

For the week, butter gained 2.75 cents with 33 loads traded. Grade A nonfat dry milk price increased 6 cents with 26 loads traded. Price almost reached back to the high of earlier this year but declined over the past two days. Price resistance was reached with buyers stepping back again. Lower output may keep price supported for the time being. Markets will be closed on Monday for Memorial Day.

More: Friday Closing Dairy Market Update - Fluid Milk Sales Decline

OUTSIDE MARKETS:

The June U.S. Dollar Index is trading down 0.11 at 101.75. July crude oil gained $0.98 closing at $115.07 per barrel. The DOW jumped 576 points closing at 33,213 while the NASDAQ jumped 390 points closing at 12,131. June gold is up $2.40 at $1,850.0, July silver is up $0.14 at $22.10 and July copper is up $0.0540. July heating oil is up $0.0601, July RBOB gasoline is up $0.1186 and July natural gas is down $0.222.

WEEKLY HAY REPORTS- Here