LIVESTOCK:
Regardless of where you looked throughout the livestock complex, higher prices were reported ahead of Friday's close. But the lean hog market took the cake Friday afternoon as its spot February contract jumped $4.12 higher ahead of closing.
Friday's slaughter is estimated at 119,000 head - 1,000 head less than a week ago and year ago. Saturday's slaughter is estimated at 24,000 head. This week's slaughter is estimated to be 629,000 head -- 23,000 head less than a week ago and 29,000 head less than a year ago.
Friday's import data shared that fresh beef imports into the United States totaled 21,468 mt with Canada, Mexico and Australia being the biggest importers. Currently, 2022 fresh beef imports are 4% higher than a year ago.
Boxed beef prices closed higher: choice up $8.53 ($262.83) and select up $6.94 ($235.45) with a movement of 71 loads (49.54 loads of choice, 7.22 loads of select, 3.99 loads of trim and 10.21 loads of ground beef). The choice/select spread sits at $27.38.
GRAINS:
March corn closed down 1/2 cent, and July corn was down 3/4 cent. January soybeans closed up 6 1/2 cents, and July soybeans were up 6 cents. March KC wheat closed down 16 1/2 cents, March Chicago wheat was down 3 3/4 cents and March Minneapolis wheat was down 9 1/4 cents. The March U.S. Dollar Index is trading up 0.11 at 104.65. The Dow Jones Industrial Average is down 468.78 points at 32,733.44. February gold is up $12.90 at $1,800.70, March silver is up $0.05 at $23.36 and March copper is up $0.0065. February crude oil is down $1.69 at $74.46, February ultra-low sulfur diesel is down $0.1377, February RBOB gasoline is down $0.0334, and February natural gas is down $0.292.
For the week: March corn closed up 9 cents, and July corn was up 7 1/2 cents. January soybeans were down 3 3/4 cents, and July soybeans were down 6 3/4 cents. March KC wheat closed up 11 cents, March Chicago wheat was up 19 1/4 cents, and March Minneapolis wheat was up 8 cents.
DAIRY:
Class III milk futures closed near or slightly lower than last week Friday. Contracts had made a run higher as block cheese prices strengthened during the week, but that came to a halt today with the decline of blocks. The market may have moved to the place where buyers do not need to be aggressive to purchase more product through the end of the year. Class IV futures did not fare much better during the week. Volatility was less but most contracts close near or slightly lower than a week ago even though butter was much stronger than cheese. Time has basically run out for shipping product to retail outlets in time for Christmas or the holiday period. Milk production has been steady to slowly improving across the country depending on the area. Milk production for November is expected to exceed the level of a year ago due to strong production per cow and increased cow numbers.
More: Friday Closing Dairy Market Summary - Milk Futures Close Steady to Lower for the Week
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The March U.S. Dollar Index is trading up 0.11 at 104.65. The Dow Jones Industrial Average is down 468.78 points at 32,733.44. February gold is up $12.90 at $1,800.70, March silver is up $0.05 at $23.36 and March copper is up $0.0065. February crude oil is down $1.69 at $74.46, February ultra-low sulfur diesel is down $0.1377, February RBOB gasoline is down $0.0334, and February natural gas is down $0.292.
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