Friday Market Watch

LIVESTOCK:

The livestock complex didn't see much support throughout Friday's market as traders longed for the three-day weekend ahead of them. The cash cattle market did see some more trade, for mostly steady prices with the week's trend. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.32 with a weighted average of $74.98 on 4,702 head. 

Friday to Friday, livestock futures scored the following changes: December live cattle down $2.07, February live cattle up $0.15; January feeders cattle down $0.30, March feeder cattle down $0.53; February lean hogs down $0.13, April lean hogs down $0.08; March corn up $0.12, May corn up $0.13.

Friday's slaughter is estimated at 122,000 head, 18,000 head more than a week ago and incomparable to a year ago. Saturday's slaughter is projected to be around 37,000 head. This week's slaughter is estimated at 547,000 head -- that's 15,000 head less than a week ago and 23,000 head more than a week ago.

Beef net sales of 2,300 mt were reported for Japan (1,800 mt), South Korea (1,700 mt) and Mexico (200 mt).

Boxed beef prices closed higher: choice up $3.12 ($281.98) and select up $0.23 ($250.93) with a movement of 66 loads (46.78 loads of choice, 7.20 loads of select, 2.80 loads of trim and 9.58 loads of ground beef). The choice/select spread sits at $31.05. Throughout the week choice cuts averaged $280.07 (up $13.89 from last week) and select cuts averaged $248.64 (up $9.43 from last week) with a total movement of 347 loads of cuts, grinds and trim. Throughout the week the choice/select spread averaged $31.43.

More: Friday Closing Livestock Market Update - Last Week of 2023 Was Fruitful for Cattle

GRAINS:

March corn closed down 1 cent per bushel and May corn was down 1 cent. January soybeans closed up 10 1/2 cents and March soybeans were up 7 3/4 cents. March KC wheat closed up 21 1/2 cents, March Chicago wheat was up 18 cents and March Minneapolis wheat was up 25 cents.

For the Week:

March corn closed up 12 1/4 cents and July corn was up 13 3/4 cents. March soybeans ended up 39 1/2 cents and July soybeans were up 40 1/4 cents. March KC wheat closed up 13 1/4 cents, March Chicago wheat was up 16 cents and March Minneapolis wheat was up 8 1/4 cents.

DAIRY:

It ended up not being a very good week for milk futures. Only the January Class III contract closed higher this week with a gain of only a penny. All other contracts lost ground closing lower indicating the bearishness prevalent in the market. Spot cheese prices gained during the week but had little influence on traders. Now that weakness set in at the week and year, traders will be cautious over price potential and buyers of cheese may hold back. Milk output has not changed much as the impact of the cold weather and storm is behind. USDA released the November Agricultural Prices report. The average corn price was $6.49 per bushel, a decline of one cent from October. The premium/supreme hay price averaged $331.00 per ton, down $17.00 per ton from the previous month. The All-milk price averaged $25.60, down $0.30 from October. The Farm Service Agency has not yet released the average soybean meal price for the month. This leaves us unable to provide the income of feed price for the month and for the Dairy Margin Coverage program. Other prices to make note of on the report is the alfalfa hay price for the month was $267.00, down $14.00 per ton and the average soybean price of $14.00, an increase of $0.50 from October.

Friday Closing Dairy Market Update - Class III Futures Settle Lower

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

OUTSIDE MARKETS:

The March U.S. Dollar Index is trading down 0.306 at 103.280. The Dow Jones Industrial Average is down 349.13 points at 32,871.67. February gold is up $1.20 at $1,827.20, March silver is down $0.18 at $24.08 and March copper is down $0.0145 at $3.8095. February crude oil is up $1.62 at $80.02, February heating oil is up $0.0329, January RBOB is up $0.0988 and February natural gas is down $0.079.