LIVESTOCK:
The livestock complex faced some hesitancy throughout the day and closed mostly lower, but the market's fundamental outlook remains extremely positive, especially in regard to the cattle complex. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.15 with a weighted average of $77.68 on 7,149 head.
From Friday to Friday, livestock futures scored the following changes: February live cattle up $1.63, April live cattle up $0.72; March feeder cattle up $2.55, April feeder cattle up $3.13; April lean hogs up $0.75, June lean hogs up $0.75; March corn down $0.28, May corn down $0.28.
GRAINS:
May corn closed down 10 cents and December corn was down 9 1/4 cents. May soybeans closed down 8 cents and November soybeans were down 13 3/4 cents. May KC wheat closed down 21 1/2 cents, May Chicago wheat was down 28 3/4 cents and May Minneapolis wheat was down 21 1/2 cents.
For the week:
May corn closed down 28 1/4 cents and December corn was down 17 1/4 cents. May soybeans closed down 3 cents and November soybeans were down 12 1/4 cents. May KC wheat closed down 60 1/2 cents, May Chicago wheat was down 54 1/2 cents and May Minneapolis wheat was down 41 cents.
DAIRY:
Block cheese price declined 7 cents, closing at $1.88 with no loads traded. There were five uncovered offers remaining at the close with no buyers showing up during spot trading Friday. Barrel cheese price declined 2.75 cents, closing at $1.54 with seven loads traded. Everyone who came to do business went home satisfied. Dry whey price increased 0.25 cent, closing at 46.50 with no loads traded. Class III futures are 3 to 19 cents lower. Butter price increased 5 cents, closing at $2.43 with no loads traded. A buyer was aggressively looking for a load, but was unable to entice a seller even after raising the price. Grade A nonfat dry milk price remained unchanged at $1.2150 with no load traded. Class IV futures are 1 to 8 cents lower. Butter futures are 0.50 cent lower to 1.00 cent higher. Dry whey futures are 0.50 cent lower to 0.25 cent higher.
More: Friday Closing Dairy Market Update - Class III Futures Closed Lower
FORAGE: This Week's Hay Markets (forage fodder blog)
OUTSIDE MARKETS:
The March U.S. Dollar Index is trading up 0.61 at 105.15. The Dow lost 337 points closing at 32,817 while the Nasdaq lost 195 points closing at 11,395. April gold is down $8.50 at $1,818.30, May silver is down $0.48 at $20.83 and May copper is down $0.1065. March crude oil gained $0.93 closing at $76.32 per barrel, April crude oil is up $0.97 at $76.36, April ultra-low sulfur diesel is up $0.0764, April RBOB gasoline is down $0.0024 and April natural gas is up $0.093.
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