Friday Market Watch

 LIVESTOCK:

It was a mixed day for the livestock complex as cattle rounded out the week on a slightly lower note, but the lean hog complex closed higher as Thursday's support carried the market through Friday's end. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.27 with a weighted average of $85.08 on 3,016 head. 

From Friday to Friday, livestock futures scored the following changes: October live cattle down $0.97, December live cattle closed $1.50; October feeder cattle down $4.17, November feeder cattle down $3.63; October lean hogs down $3.40, December lean hogs down $6.57; December corn up $0.01, March corn up $0.02.

More: Friday Closing Livestock Market Update - Hogs Cling to Thursday's Support While Cattle Drift Lower

GRAINS:

December corn closed up 8 cents and July corn was up 5 3/4 cents. November soybeans closed down 46 cents and July soybeans were down 36 1/2 cents. December KC wheat closed up 24 3/4 cents, December Chicago wheat was up 25 1/4 cents and December Minneapolis wheat was up 16 cents. 

For the week:

December corn closed up 3/4 cent and July corn was up 2 1/2 cents. November soybeans ended down 61 cents and July soybeans were down 43 3/4 cents. December KC wheat closed up 41 cents, December Chicago wheat was up 41 cents and December Minneapolis wheat was up 34 1/2 cents.

DAIRY:

Class III milk futures closed out the week at the low end of the trading range it has been mid-July. The up-and-down movement of underlying cash leaves little market direction keeping traders cautious and taking only short-term positions rather than trading in a long-term direction. This keeps milk futures volatile and unpredictable. USDA released the August Agricultural Prices report which shows some surprising changes of prices. First, the average corn price declined one cent from July to $7.24 per bushel. The big change took place in soybean meal with the average August price being $510.90 per ton, an increase of $43.03 per ton from July. Premium/supreme hay increased $10.00 per ton to an average of $343.00. These feed prices against the All-milk price of $24.30 moved income over feed to $8.08. The All-milk price declined $1.40 from July. There will be a payment of $1.42 per cwt for those who chose the $9.50 level under the Dairy Margin Coverage program. This is the lowest income over feed since September 2021.

More: Friday Closing Dairy Market Update - August Income Over Feed Is Down

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

OUTSIDE MARKETS:

The December U.S. Dollar Index is trading down 0.11 at 112.10. November crude oil declined $1.74 closing at $79.49 per barrel. The DOW fell 500 points closing at 28,726 while the NASDAQ declined 162 points closing at 10,576.December gold is up $3.80 at $1,672.40, December silver is up $0.38 at $19.09 and December copper is down $0.0145. November heating oil is down $0.0660, November RBOB gasoline is down $0.0319 and November natural gas is down $0.069.