Friday Market Watch - Livestock Complex Higher, Grains Mixed

LIVESTOCK:

Friday's market led the livestock contracts to a higher close as the market received ample fundamental support, especially in the cash cattle market. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.76 with a weighted average of $124.43 on 6,019 head. 

From Friday to Friday Livestock futures scored the following changes: August live cattle up $1.43, October live cattle up $1.65; August feeder cattle up $0.95, September feeders cattle up $1.88; August lean hogs up $0.17, October lean hogs up $1.18; September corn down $0.06, December corn down $0.10.

Friday's slaughter is estimated at 115,000 head, 9,000 head less than a week ago but steady with a year ago. Saturday's slaughter is projected to be around 39,000 head. This week's slaughter is estimated at 651,000 head, 18,000 head less than a week ago but 7,000 head more than a year ago.

Boxed beef prices closed lower: choice down $2.40 ($263.88) and select down $1.68 ($238.67) with a movement of 191 loads (146.70 loads of choice, 15.95 loads of select, 8.75 loads of trim and 19.23 loads of ground beef). Throughout the week choice cuts average $268.45 (down $1.26 from the previous week) and select cuts averaged $242.75 (up $0.41 from the previous week) with a total movement of 523 loads of cuts, grinds and trim.

More: Friday Closing Livestock Market Update - Higher Closes Round the Week Out for Livestock Complex

GRAINS:

September corn closed up 8 cents and December corn was up 3 3/4 cents. August soybeans closed down 1/4 cents and November soybeans were down 9 cents. September KC wheat closed down 12 cents, September Chicago wheat was down 6 3/4 cents and September Minneapolis wheat was down 7 3/4 cents. 

For the week:

September corn closed down 6 cents and December corn was down 10 cents. August soybeans ended down 22 1/4 cents and November soybeans were down 59 3/4 cents. September KC wheat closed down 26 1/4, September Chicago wheat was down 32 cents and September Minneapolis wheat was down 19 1/2 cents.

DAIRY:

Class IV futures were hit hard today primarily in the last quarter of this year. October closed 60 cents lower. November was down 52 cents and December was down 50 cents. The fall of Grade A nonfat dry milk as much as it had today is very seldom seen. The volume of loads traded adds to the bearishness. Class III futures were mostly lower even though cheese prices increased. Traders are not convinced prices will hold even though they bounced today. Each time we see another leg down, it will be more difficult for the market to uncover any bullishness. It has been a brutal week for milk futures even though the first half of the week looked promising. Class III milk futures have fallen more than anyone anticipated with Class IV futures possibly beginning to come under further pressure than it has been so far.

More: Friday Closing Dairy Market Update - Class IV Milk Takes a Beating

FORAGE: This week's hay market's here (blog)

OUTSIDE MARKETS:

The September U.S. Dollar Index is trading up 0.90 at 106.47. August gold is down $17.00 at $1,789.90, September silver is down $0.29 at $19.83 and September copper is up $0.0665. September crude oil gained $0.41 closing at $89.01 per barrel. The DOW gained 77 points closing at 32,803 while the NASDAQ declined 63 points closing at 12,656. September heating oil is down $0.1261, September RBOB gasoline is up $0.0695 and September natural gas is down $0.008.