Friday Market Watch

LIVESTOCK:

It was a mixed day for the livestock complex as the live cattle market rallied on the wins the cash cattle market made, but both the feeder cattle and lean hog markets faced some resistance. Hog prices closed lower on the Daily Direct Afternoon Hog report, down $0.33 with a weighted average of $76.49 on 6,241 head. 

Friday to Friday, livestock futures scored the following changes: February live cattle up $2.38, April live cattle up $0.70; March feeder cattle up $0.13, April feeder cattle down $0.22; April lean hogs up $1.95, June lean hogs up $1.08; March corn down $0.03, May corn down $0.01.

More: Friday Closing Livestock Market Update - Traders Tiptoe Around Complex Ahead of Close

GRAINS:

March corn closed up 1 3/4 cents per bushel and May corn was up 2 1/2 cents. March soybeans closed up 3/4 cent and May soybeans were up 1 cent. March KC wheat closed up 8 cents, March Chicago wheat was up 1/2 cent and May Minneapolis wheat was down 3/4 cent.

For the week:

March corn finished the week down 2 3/4 cents, with December down 1/4 cent. March soybeans were down 15 1/4 cents, and November closed up 7 1/2 cents. Kansas City March wheat closed down 2 1/2, Chicago wheat down 20 1/2, and Minneapolis March down 1/2 cent for the week.

DAIRY:

Both block and barrel prices remained unchanged at $1.88 and $1.5475, respectively. There were no loads traded of blocks with three loads of barrels traded. It may be difficult for Class III milk futures to gain much traction in the current market environment. Dry whey price increased a penny, closing at 45 cents with one load traded. Class III futures are mixed, ranging from 8 cents lower to 3 cents higher. Butter price declined 4.50 cents, closing at $2.3750 with three loads traded. Current fundamentals do not suggest butter will establish a long-term trend higher as of yet. Price will remain choppy. Grade A nonfat dry milk price was unchanged at $1.22 with no loads traded. Class IV futures have not yet traded with wide bid and offers posted. If they do, prices will be lower. Butter futures are 0.65 cent lower to 3.90 cents higher on light trading activity. Dry whey futures are 0.02 cent lower to 0.25 cent higher. Dairy markets will be closed on Monday and will reopen Monday evening at the usual time.

More: Friday Closing Dairy Market Update - Mixed Futures

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

OUTSIDE MARKETS:

The March U.S. Dollar Index is trading up 0.019 at 103.810. The Dow Jones Industrial Average is up 60.66 points at 33,757.51. April gold is up $1.00 at $1,852.80, March silver is up $0.07 at $21.78 and March copper is down $0.0095 at $4.1260. March crude oil is down $2.10 at $76.39, April heating oil is down $0.0856, March RBOB is down $0.0346 and March natural gas is down $0.133.