Friday Market Watch

 LIVESTOCK:

The livestock contracts leaned into the last stretch of the week with ambition and closed Friday fully higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.62 with a weighted average of $115.72 on 5,009 head.

From Friday to Friday, livestock futures scored the following changes: June live cattle up $1.83, August live cattle up $0.38; August feeder cattle down $1.52, September feeder cattle down $1.25; July lean hogs up $5.53, August lean hogs up $4.13; July corn up $0.11, September corn up $0.05.

Friday's slaughter is estimated at 124,000 head, steady with a week ago and 6,000 head more than a year ago. Saturday's slaughter is projected to be 48,000 head. This week's slaughter is estimated at 667,000 head, 7,000 head less than a week ago and 3,000 head more than a year ago.

Boxed beef prices closed mixed: choice down $0.90 ($266.26) and select up $1.15 ($246.53) and with a movement of 106 loads (70.76 loads of choice, 19.62 loads of select, 8.38 loads of trim and 7.64 loads of ground beef). Throughout the week choice cuts averaged $268.32 (down $2.71 from last week) and select cuts averaged $246.38 (down $3.34 from last week) and total movement of cuts, grinds, and trim of 596 loads.

More: Friday Closing Livestock Market Update - Market Pushes Ambitiously Through Closing Bell

GRAINS:

July corn closed down 3 3/4 cents per bushel and December corn was down 4 cents. July soybeans closed down 7 1/2 cents and November soybeans were down 5 3/4 cents. July KC wheat closed down 43 1/2 cents, July Chicago wheat was down 44 cents and September Minneapolis wheat was down 39 1/2 cents. 

For the week:

July corn finished 11 1/4 cents higher, while December closed up 10 1/2 cents. July soybeans closed down 43 1/2 cents, with November settling down 30 3/4. Chicago July wheat was down 36 1/2 cents, Kansas City July was down 57 1/2 cents, and Minneapolis September was down 51 1/4 cents.

DAIRY:

Class III milk futures fell nearly every day this week with the decline faster than they went up. The weakness of cheese prices pulled much of the optimism out of the market for the time being. Even the gains in cheese prices realized on Wednesday and Friday could not convince traders that the market bounce would hold. Futures have been and still hold a premium to underlying cash, leaving little reason for them to bounce in the midst of price weakness. Class IV futures fell harder than Class III futures due to Class IV futures holding close to the underlying cash and falling right along with it. April fluid milk sales declined 2.1% compared to April 2021. 

More: Friday Closing Dairy Market Update - April Fluid Milk Sales Decline 2.1% From Year Earlier

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OUTSIDE MARKETS:

The September U.S. Dollar Index is trading up 1.023 at 104.440. August gold is down $8.50 at $1,841.40, July silver is down $0.27 at $21.62 and July copper is down $0.0865 at $4.0215. July crude oil fell $8.03, ending at $109.56 per barrel. The Dow slipped 38 points, closing at 29,889, while the NASDAQ gained 152 points, closing at 10,798. July RBOB is down $0.1708 and July natural gas is down $0.508.