Friday Market Watch

LIVESTOCK:

The livestock contracts closed lower Friday afternoon as traders didn't find the fundamental support they needed. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.11 with a weighted average of $85.34 on 2,721 head.

Friday's slaughter is estimated at 120,000 head, 5,000 head less than a week ago but 3,000 head more than a year ago. Saturday's slaughter is projected to be 41,000 head. This week's slaughter is estimated at 671,000 head, 4,000 head more than a week ago and 12,000 head more than a year ago

Boxed beef prices closed lower: choice down $4.33 ($258.94) and select down $1.56 ($235.27) with a movement of 76 loads (47.75 loads of choice, 11.63 loads of select, 5.25 loads of trim and 11.80 loads of ground beef). The choice/select spread sits at $23.68. Throughout the week, choice cuts averaged $263.27 (down $0.46 from last week) and select cuts averaged $235.86 (up $2.80 from last week) and the week's total movement of cuts, grinds and trim totaled 560 loads. Throughout the week the choice/select spread averaged $27.41.

More: Friday Closing Livestock Market Update - Lower Tones in the Complex

GRAINS:

December corn closed up 4 3/4 cents and July corn was up 3 cents. January soybeans closed up 27 cents and July soybeans were up 24 1/4 cents. December KC wheat closed up 18 1/4 cents, December Chicago wheat was up 10 1/4 cents and December Minneapolis wheat was up 14 1/4 cents. 

For the week:

December corn closed down 23 cents and July corn was down 23 3/4 cents. January soybeans ended down 12 1/4 cents and July soybeans were down 18 1/4 cents. December KC wheat closed down 9 3/4 cents, December Chicago wheat was down 34 cents and December Minneapolis wheat was down 8 3/4 cents.

DAIRY:

It has been a strong week for milk futures improving the outlook for milk prices over what futures had indicated about two weeks ago. Class III futures through November 2023 are solidly above $20.00 with December at the mid $21.00 level. Class IV futures posted double-digit gains in all contracts through the next year. Underlying cash prices increase significantly except for dry whey. Demand for milk is steady across much of the nation with milk production holding steady this week. There seems to be a good balance between supply and demand. Spot milk prices in the Midwest have been holding about steady ranging from $1.00 under to $0.50 over class. This may change through the Thanksgiving holiday period, but it will only be short-lived as schools will be back in session and milk will move back to bottling.

More: Friday Closing Dairy Market Update - Strong Butter and Cheese Gains for the week

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

OUTSIDE MARKETS:

The December U.S. Dollar Index is trading down 1.89 at 106.21. The Dow Jones Industrial Average is down 4.20 points at 33,711.17. December gold is up $15.40 at $1,769.10, December silver is down $0.0 at $21.70 and December copper is up $0.1695. December crude oil is up $2.04 at $88.51, December ultra-low sulfur diesel is down $0.0214, December RBOB gasoline is up $0.0288 and December natural gas is down $0.374.