Friday Market Watch

LIVESTOCK:

It was a tremendous week for the livestock complex, and for the most part, the market ended on a positive note by Friday's close. Hog prices are unavailable on the Daily Direct Afternoon Hog Report because of confidentiality issues. However, we can see that 440 head have traded and that the five-day rolling average sits at $79.66. 

From Friday to Friday, the livestock futures scored the following changes: December live cattle up $1.85, February live cattle up $1.97; January feeders up $0.22, March feeders up $2.05; February lean hogs up $2.05, April lean hogs up $2.65; March corn up $0.13, May corn up $0.12.

More: Friday Closing Livestock Market Update - Cattle Press Higher Into Christmas Weekend

GRAINS:

March corn closed up 5 3/4 cents and July corn was up 3 3/4 cents. March soybeans closed up 12 1/2 cents and July soybeans were up 14 3/4 cents. March KC wheat closed up 8 3/4 cents, March Chicago wheat was up 13 3/4 cents and March Minneapolis wheat was up 9 1/2 cents.

For the week:

March corn closed up 13 1/4 cents and July corn was up 9 3/4 cents. March soybeans ended up 3/4 cent and July soybeans were up 3 1/2 cents. March KC wheat closed up 30 3/4 cents, March Chicago wheat was up 22 1/2 cents and March Minneapolis wheat was up 22 1/4 cents.

DAIRY:

Dairy cattle slaughter in November totaled 250,900 head, a decline of 1,900 head from October. However, this was 5,600 head more than slaughter in November 2021. There is currently not much interest in culling heavily, as milk prices have been good. The gain of cheese prices this week supported nearby Class III milk futures with January jumping $0.69 from its lows and February up $0.42. Later contracts were only slightly above their lows or showed minor losses. Even with underlying cheese prices increasing as much as they did, gains in milk futures were limited due to traders holding an overall bearishness in the market. Gains were tempered by a decline of dry whey and a large decline of butter during the week. Dairy markets will be closed on Monday and will reopen Monday night at the usual time of 5 p.m. Central time.

More: Friday Closing Dairy Market Update - November Culling Slowed From October

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

OUTSIDE MARKETS:

The March U.S. Dollar Index is trading down 0.05 at 104.08. The Dow Jones Industrial Average is up 71.71 points at 33,099.20. February gold is up $9.40 at $1,804.70, March silver is up $0.28 at $23.91 and March copper is up $0.0545. February crude oil is up $1.71 at $79.20, February ultra-low sulfur diesel is up $0.1210, February RBOB gasoline is up $0.1139 and February natural gas is up $0.071.