Friday Market Watch - Generally Higher Markets To Close The Week

LIVESTOCK:

Support infiltrated the livestock complex ahead of closing, but next week the markets are expecting to see renewed pressure. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.51 with a weighted average of $117.08 on 2,919 head. 

From Friday to Friday, Livestock Futures scored the following changes: August live cattle down $0.93, October live cattle down $0.78; August feeder cattle down $2.97, September feeder cattle down $2.92; August lean hogs up $1.95, October lean hogs up $0.90; September corn up $0.52, December corn up $0.56.

Friday's slaughter is estimated at 124,000 head, 5,000 head more than a week ago and 8,000 head more than a year ago. Saturday's slaughter is projected to be around 50,000 head. This week's slaughter is estimated at 669,000 head, 4,000 head more than a week ago and 23,000 head more than a year ago.

Boxed beef prices closed higher: choice up $1.47 ($269.24) and select up $1.44 ($242.25) with a movement of 74 loads (42.23 loads of choice, 12.76 loads of select, 7.79 loads of trim and 11.40 loads of ground beef). Throughout the week choice cuts averaged $268.45 (down $1.26 from a week ago) and select cuts averaged $242.75 (up $0.42 from a week ago) and the week's total movement of cuts, grinds and trim only totaled 523 loads.

More: Friday Closing Livestock Market Update - Contracts Catch a Break and Close Higher

GRAINS:

September corn closed up 1 1/4 cents and December corn was up 1 cent. August soybeans closed up 27 3/4 cents and November soybeans were up 28 cents. September KC wheat closed down 15 1/4 cents, September Chicago wheat was down 9 1/4 cents and September Minneapolis wheat was down 22 cents. 

For the week:

September corn closed up 52 cents and December corn was up 55 3/4 cents. August soybeans ended up $2.02 1/2 cents and November soybeans were up $1.52 3/4 cents. September KC wheat closed up 54 1/4, September Chicago wheat was up 48 3/4 cents and September Minneapolis wheat was up 35 cents.

DAIRY:

Class III milk futures showed some nice gains to end the week, but cheese prices closed below $1.90 leaving the market in a negative posture. The week began with futures moving higher supported by the strength of cheese prices. However, that ran its course by Wednesday as buyers pulled back from the market. Class IV faired better for the week but did not gain as much as Class III did today. Nonfat dry milk was a bit of an anchor on futures. The forecast for hot weather next week will have an impact on milk production but it may not have a significant impact on overall supply. USDA released the June Agricultural Prices report showing average prices for the month. The average corn price for June was $7.37. an increase of $0.11 per bushel from May. Premium/ supreme hay price averaged $277.00 per ton, up $3.00 per ton from May. The All-milk price was $26.90, down $0.40 per cwt from May. The Farm Service Agency has not yet released the average soybean meal price for the month making it not possible to provide the income over feed price for the month. 

More: Friday Closing Dairy Market Update - June Income Over Feed Not Yet Available

HAY MARKETS: Blog link here

OUTSIDE MARKETS:

The September U.S. Dollar Index is trading down 0.38 at 105.86. The Dow Jones Industrial Average is up 263.94 points at 32,793.57. August gold is up $13.80 at $1,764.10, September silver is up $0.38 at $20.25 and September copper is up $0.1010. September crude oil is up $1.95 at $98.37, September heating oil is down $0.0615, September RBOB gasoline is up $0.0205 and September natural gas is down $0.041.