Friday Market Watch

LIVESTOCK:

By Friday's end, the livestock contracts were able to walk away from the market with a mostly higher conclusion. But heading into next week's market, the live cattle and lean hog contracts will again be looking for support as their markets are wavering. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.69 with a weighted average of $114.22 on 4,439 head. 

From Friday to Friday livestock futures scored the following changes: August live cattle up $1.22, October live cattle up $0.22; August feeder cattle up $2.00, September feeder cattle up $2.58; July lean hogs down $1.23, August lean hogs down $3.80; July corn up $0.04, September corn down $0.63.

Friday's slaughter is estimated at 121,000 head -- 1,000 head less than a week ago and 7,000 head more than a year ago. Saturday's slaughter is projected at 16,000 head. The week's estimated weekly total amounts to 636,000 head - 30,000 head less than a week ago and 8,000 head more than a year ago.

Boxed beef prices closed lower: choice down $0.18 ($263.82) and select down $0.10 ($240.47) with a movement of 101 loads (56.06 loads of choice, 26.21 loads of select, 12.18 loads of trim and 6.59 loads of ground beef). Throughout the week choice cuts averaged $265.70 (down $0.35 from the previous week) and select cuts averaged $242.08 (down $3.73 from the previous week) and with a total movement of cuts, grinds, and trim totaling 573 loads.

More: Friday Closing Livestock Market Update - Contracts Charge Higher Ahead of the 4th of July Holiday

GRAINS:

eptember corn closed down 9 cents, and December corn was down 12 1/4 cents. August soybeans closed down 50 3/4 cents, and November soybeans were down 62 3/4 cents. September KC wheat closed down 38 1/4 cents, September Chicago wheat was down 38 cents and September Minneapolis wheat was down 42 cents. 

For the week: September corn closed down 63 cents, and December corn was down 66 1/2 cents. August soybeans ended down 11 cents, and November soybeans were down 29 cents. September KC wheat closed down 84 3/4 cents, September Chicago wheat was down 90 1/2 cents and September Minneapolis wheat was down $1.22 1/2.

DAIRY:

Milk futures closed lower for the week which was a surprise. The psychology of the market has switched, and a bearish attitude has set in. Now the market will need to prove itself to change the current bearishness. Milk futures closed lower for the week even though all categories of the spot market increased. Even though milk production remains below a year ago, there is sufficient milk available for both bottling and manufacturing. Manufacturing plants report they are running as full as they want to be for the time being. Spot milk is available in the Midwest with a discount of as much as $6.00 under class.

More: Friday Closing Dairy Market Update - May Cheese Output Higher with Butter Output Lower

LATEST HAY MARKET REPORTS HERE

OUTSIDE MARKETS:

The September U.S. Dollar Index is trading up 0.49 at 104.96. August crude oil gained $2.67 closing at $108.43 per barrel. the DOW gained 322 points closing at 31,097 while the NASDAQ gained 99 points closing at 11,128. August gold is up $0.90 at $1,808.20, July silver is down $0.55 at $19.80 and July copper is down $0.0865.  August heating oil is up $0.1124, August RBOB gasoline is up $0.1522 and August natural gas is up $0.291.