LIVESTOCK:
It was a mixed day for the livestock complex as the markets saw hit and miss demand, with feeder cattle closing completely lower while both the live cattle and lean hog markets saw a mixed end to the day. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.51 with a weighted average of $86.89 on 3,859 head.
Friday to Friday, livestock futures scored the following changes: October live cattle up $2.04, December live cattle up $1.00; October feeder cattle up $0.55, November feeder cattle $1.00; October lean hogs up $3.73, December lean hogs up $0.93; December corn up $0.06, March corn up $0.07.
October live cattle closed steady at $145.32, December live cattle closed $0.17 higher at $148.05 and February live cattle closed $0.12 higher at $151.75.
Friday's slaughter is estimated at 118,000 head, 3,000 head more than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be 36,000 head. The week's total slaughter is estimated at 664,000 head, steady with a week ago and 7,000 head more than a year ago.
Boxed beef prices closed lower: choice down $1.29 ($246.07) and select down $0.86 ($216.13) with a movement of 133 loads (72.49 loads of choice, 29.63 loads of select, 12.11 loads of trim and 19.26 loads of ground beef). Throughout the week choice cuts averaged $246.89 (up $0.16 from last week) and select cuts averaged $219.11 (down $1.62 from last week) with a total movement of cuts, grinds, and trim totaling 726 loads.
October feeder cattle closed $1.00 lower at $174.72, November feeder cattle closed $0.80 lower at $175.62 and January feeders closed $1.25 lower at $176.60.
GRAINS:
December corn closed up 7 3/4 cents and July corn was up 7 cents. November soybeans closed up 9 cents and July soybeans were up 7 1/2 cents. December KC wheat closed up 3 3/4 cents, December Chicago wheat was up 1 1/4 cents and December Minneapolis wheat was up 5 1/2 cents.
For the week:
December corn closed up 5 3/4 cents and July corn was up 8 3/4 cents. November soybeans ended up 2 1/4 cents and July soybeans were up 9 1/4 cents. December KC wheat closed down 22 3/4 cents, December Chicago wheat was down 41 1/4 cents and December Minneapolis wheat was down 14 cents.
DAIRY:
Class III milk futures settled unchanged to 11 cents lower. Class IV futures were 2 to 6 cents higher. The United States Dairy Export Council announced their recent export data for August this week. Nonfat dry milk exports declined 59 MT from the previous month to total 64,733 MT. This total is down 17% from the previous year. Lactose totaled 40,101 MT, up 1,202 MT more than July 2022. Compared to a year ago, totals were up 32.7%. Whey exports totaled 58,500 MT, increasing 3,344 from the previous month. This is an increase of 22% from the previous year. Whole Milk Powder was up 1,414 MT to total 4,166 MT. Compared to this time last year, exports grew 51.7%. Whey Protein Concentrate declined 817 MT to total 4,897 MT. Year over year, Whey Protein Concentrate declined 21.3%. Since the previous year, dairy consumption has grown 12.4 pounds per person. In 2021, the average American consumed 667 pounds of dairy, whereas in 1975 it was only 539 pounds – back when reporting first started. Fluid milk still continues its slow and steady decline.
More: Friday Closing Dairy Market Update - Dairy Demand on the Rise
FORAGE: This Week's Hay Markets Here
OUTSIDE MARKETS:
The December U.S. Dollar Index is trading up 0.34 at 112.52.November crude oil increased $4.22, settling at $92.67 per barrel. The DOW declined 630 points to 29,296, and NASDAQ fell 420 points to 10,652. December gold is down $14.20 at $1,706.60, December silver is down $0.46 at $20.21 and December copper is down $0.0595. November ultra-low sulfur diesel is up 14.69 cents a gallon, November RBOB gasoline is up 5.68 cents and November natural gas is down $0.256.
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