Friday Market Watch

 LIVESTOCK:

Friday's market lent the livestock complex no favors as the contracts dived lower upon the onset of higher interest rates which created uncertainly throughout the entire marketplace. The cattle complex had even more anxiety heading into the afternoon as it awaited Friday's Cattle on Feed Report. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $7.69 with a weighted average of $86.34 on 3,395 head. 

More: Friday Closing Livestock Market Update - Traders Run From Market 

GRAINS:

December corn closed down 11 1/2 cents and July corn was down 12 3/4 cents. November soybeans closed down 31 1/4 cents and July soybeans were down 30 1/2 cents. December KC wheat closed down 29 cents, December Chicago wheat was down 30 1/4 cents and December Minneapolis wheat was down 28 1/2 cents. 

For the week:

December corn closed down 1/2 cent and July corn was down 1 3/4 cents. November soybeans ended down 22 3/4 cents and July soybeans were down 17 1/2 cents. December KC wheat closed up 15 1/4 cents, December Chicago wheat was up 20 3/4 cents and December Minneapolis wheat was up 10 1/2 cents.

DAIRY:

Traders piled on to the sell side of the market once further weakness was seen in the cheese complex. There are no Class III contracts above $21 to close out the week. The weakness of cheese prices has the most influence on the market, but the weakness of the stock market and further economic weakness also might have played a role. Most commodities were lower, as concern increased over demand as time moves forward. Dairy traders coupled the milk production report with the cold storage report and decided the market may have limited upside potential. Even with the time of year and the recent uptrend, traders are not shedding their bearish attitudes. The recent increase was not sufficient to change that attitude due to the fundamentals surrounding the market. It will take a tight fresh cheese market to push prices back up and higher than they had been. With milk production growing over a year ago, the market is poised to see more supply being available. After holiday demand is finished, prices may have limited upside.

More: Friday Closing Dairy Market Update - Class III Futures Take a Large Hit

FORAGE: This Week's Hay Markets (Forage Fodder Blog)

OUTSIDE MARKETS:

The December U.S. Dollar Index is trading up 1.69 at 112.79. November crude oil fell $4.75, ending at $78.74 per barrel. The Dow lost 486 points, closing at 29,590, while the NASDAQ lost 199 points. December gold is down $29.00 at $1,652.10, December silver is down $0.78 at $18.84 and December copper is down $0.1265. November heating oil is down $0.1632, November RBOB gasoline is down $0.1205 and November natural gas is down $0.283.