Friday Market Watch

LIVESTOCK:

Feeder cattle futures posted the most impressive gains during Friday's trading session and on a week-over-week basis, but neither this market nor the live cattle nor lean hogs dared to explore any fresh contract highs during a week when global economic uncertainty was emphasized. In the cash cattle market, most of this week's Southern live deals took place at $155, fully steady with last week's weighted averages, but some improvement was noted Friday afternoon with live bids of $158 or $159 in Iowa and Nebraska. Northern dressed deals were marked mostly at $249, $4 higher than last week's weighted averages. The National Direct Afternoon Hog Report showed purchased swine prices down $3.04 to a weighted average of $82.22 on 3,705 head. Prices ranged from $74 to $88, and the five-day rolling average is now $84.95.

From Friday to Friday, livestock futures scored the following changes: December live cattle up $0.28, February live cattle up $0.75; January feeder cattle up $4.15, March feeder cattle up $3.72; December lean hogs off $1.35, February lean hogs up $1.93; December corn off $0.33, March corn off $0.25.

Boxed beef prices were lower Friday afternoon: choice down $3.64 ($249.93) and select down $0.44 ($224.56), with a movement of 107 loads (61.58 loads of choice, 8.3 loads of select, 4.84 loads of trim and 32.63 loads of ground beef).

More: Friday Closing Livestock Market Update - Futures Close Week with Gains

GRAINS:

March corn closed down 14 1/4 cents and July corn was down 9 3/4 cents. January soybeans closed up 8 3/4 cents and July soybeans were up 10 cents. March KC wheat closed down 19 1/2 cents, March Chicago wheat was down 22 cents and March Minneapolis wheat was down 16 3/4 cents. 

For the week:

March corn closed down 25 cents and July corn was down 20 1/4 cents. January soybeans finished up 2 1/4 cents and July soybeans were up 5 1/2 cents. March KC wheat closed down 41 1/4 cents, March Chicago wheat was down 36 cents and March Minneapolis wheat was down 28 1/4 cents.

DAIRY:

Milk futures closed the week without too much fanfare. Class III futures were generally higher while Class IV contracts were mostly steady. Futures generally gained what they lost during the first half of the week in close months while later contracts extended gains. All Class III contracts traded above $20.00 for a period but January and February could not close above that level. Milk is available and continues to increase steadily. Weather is generally conducive to cow comfort promoting strong milk per cow. Milk components are improving and running above last year at this time. Feed supply is good and will be accessible to those areas served by rail as the President signed the bill to avert a rail strike. Feed prices may not be less expensive because of it but should ensure feed will be delivered to areas where needed. Farmers have one week to sign up for the Dairy Margin Coverage program for 2023. Those who have not signed up for supplemental coverage need to do so before signing up for the regular program. The deadline is December 9.

More: Friday Closing Dairy Market Update - Milk Futures Close The Week Without Fanfare

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

OUTSIDE MARKETS:

The December U.S. Dollar Index is steady at 104.69. January crude oil declined $1.24 settling at $79.98 per barrel. The Dow gained 35 points closing at 34,430 while the Nasdaq slipped 19 points closing at 11,464. February gold is down $6.00 at $1,809.20, March silver is up $0.50 at $23.34 and March copper is up $0.0350. January ultra-low sulfur diesel is down $0.1039, January RBOB gasoline is down $0.0666 and January natural gas is down $0.430.