LIVESTOCK:
It was rather impressive that the live cattle contracts were able to round out Friday's market slightly higher despite the fact that cash cattle traded $1.00 to $2.00 lower. The feeder cattle market, unfortunately, can't say the same as higher corn prices kept its market depressed, but the lean hog complex did close mostly higher as pork cutout values closed higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.80 with a weighted average of $71.80 on 3,652 head.
From Friday to Friday, the livestock futures scored the following changes: February live cattle up $0.95, April live cattle up $0.22; January feeder cattle down $1.45, March feeder cattle down $2.78; February lean hogs down $1.63, April lean hogs down $2.38; March corn up $0.21, May corn up $0.20.
GRAINS:
March corn closed up 4 cents and July corn was up 2 1/4 cents. March soybeans closed up 9 1/4 cents and July soybeans were up 6 1/2 cents. March KC wheat closed up 8 3/4 cents, March Chicago wheat was up 1 cents and March Minneapolis wheat was unchanged.
For the week:
March corn closed up 21 cents and July corn was up 15 1/2 cents. March soybeans ended up 35 1/4 cents and July soybeans were up 23 1/4 cents. March KC wheat closed up 11 3/4 cents, March Chicago wheat was up 1/4 cent and March Minneapolis wheat was up 10 1/2 cents.
DAIRY:
Traders have been unable to determine a trend for Class III futures, while Class IV futures have been in a downtrend. Butter price has been fairly stable, while nonfat dry milk continues to weaken, putting pressure on Class IV futures. Milk production is steady to higher with limited reports of any substantial impact on milk production so far in California other than plant delays and some delivery delays. Otherwise, there remains sufficient milk for both bottling and manufacturing. On the World Agricultural Supply and Demand report, USDA reduced domestic use of milk on a fat basis for the year by 700 million pounds, leaving ending stocks unchanged at 14.7 billion pounds. On a skim solids basis, they increased the ending stocks estimate by 300 million pounds to 11.5 billion pounds, while reducing domestic use by 200 million pounds to a total of 182.0 billion pounds.
More: Friday Closing Dairy Market Update - Class IV Futures Under Pressure All Week
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The March U.S. Dollar Index is trading down 0.04 at 101.96. February crude oil gained $1.47, closing at $79.86 per barrel. The Dow gained 113 points, ending at 34,303, while the Nasdaq gained 78 points, closing at 11,079. February gold is up $24.00 at $1,922.80, March silver is up $0.38 at $24.39 and March copper is up $0.0185. February ultra-low sulfur diesel is up $0.0461, February RBOB gasoline is up $0.0589 and February natural gas is down $0.295.
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