Friday Market Watch

 LIVESTOCK:

The livestock complex closed mostly lower as traders waived their white flag heading into Friday's market, seeming to be exhausted after running the contracts higher earlier in the week. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average of $123.69 on 6,089 head. 

From Friday to Friday, livestock futures scored the following changes: August live cattle up $2.35, October live cattle up $0.63; August feeder cattle up $0.10, September feeder cattle down $0.05; August lean hogs up $0.90, October lean hogs up $1.63; September corn up $0.30, December corn up $0.32.

August live cattle closed $0.37 lower at $140.22, October live cattle closed $0.60 lower at $144.50 and December live cattle closed $0.45 lower at $150.62. Friday's slaughter is estimated at 118,000 head -- 3,000 head more than a week ago and 2,000 head more than a year ago. Saturday's slaughter is projected to be around 33,000 head. This week's slaughter is estimated at 647,000 head -- 4,000 head less than a week ago and 11,000 head more than a year ago.

Friday's Imported Meat Passed for Entry into the U.S. USDA report shared that for the week fresh beef imports totaled 20,888 metric tons (mt) with Canada, Mexico and Australia being the biggest importers. Processed beef imports totaled 1,874 mt for the week with Canada, Brazil and New Zealand being the biggest importers.

Boxed beef prices closed higher: choice up $0.27 ($263.37) and select up $2.13 ($239.59) with a movement of 89 loads (49.94 loads of choice, 11.85 loads of select, 11.43 loads of trim and 16.13 loads of ground beef). Throughout the week choice cuts averaged 264.14 (down $3.44 from a week ago) and select cuts averaged $238.14 (down $2.82 from a week ago) with total movement of cuts, grinds and trim of 575 loads.

More: Friday Closing Livestock Market Update - Quiet Following Week of Fireworks for Markets

GRAINS:

September corn closed up 10 1/2 cents and December corn was up 14 1/2 cents. August soybeans closed down 40 1/4 cents and November soybeans were up 5 3/4 cents. September KC wheat closed unchanged, September Chicago wheat was down 4 3/4 cents and September Minneapolis wheat was down 2 1/4 cents. 

For the week:

September corn closed up 29 1/2 cents and December corn was up 32 1/4 cents. August soybeans ended up 54 1/2 cents and November soybeans were up 45 1/2 cents. September KC wheat closed up 41 cents, September Chicago wheat was up 30 1/4 cents and September Minneapolis wheat was up 33 cents.

DAIRY:

Class III milk futures took a hit today, but contracts held some of the gains for the week. the action today will renew some of the bearishness prevalent in the market. It took longer for cheese price to show some weakness than what had been over the past few weeks. Once buyers were not as aggressive, sellers swooped in and wanted to get the best price they could for the cheese they had to sell. USDA released the World Agricultural Supply and Demand report today showing an increase in estimated milk production. Milk production was raised this year by 800 million pounds from July to an estimated 226.8 billion pounds. Milk production for 2023 was raised 900 million pounds from July to the current estimate of 229.3 billion pounds. The estimate was likely raised due to strong milk production per cow and the rise of cow numbers in June. They are anticipating the trend to continue. As a result, milk prices were reduced. The average Class III price was reduced $0.80 to $21.60. Class III price in 2023 was reduced $1.15 to an average of $19.70. Class IV price this year was lowered to an average price of $23.95, down $0.80 while the average price next year was reduced $1.95 to $20.35 from the July estimates. The All-milk price this year was reduced to $25.20, down $0.95 while the average price next year was reduced to $22.50, down $1.65 from the June estimate.

More: Friday Closing Dairy Market Update - Milk Production Raised and Milk Prices Lowered

FORAGE: This week's hay markets here: Forage Fodder Blog

OUTSIDE MARKETS:

The September U.S. Dollar Index is trading up 0.51 at 105.50. August gold is up $10.10 at $1,817.30, September silver is up $0.40 at $20.75 and September copper is down $0.0315. September crude oil fell $2.25 ending at $92.09 per barrel. The DOW jumped 424 points ending at 33,761 while the NASDAQ gained 267 points closing at 13,047. September heating oil is up $0.0346, September RBOB gasoline is down $0.0267 and September natural gas is down $0.108.