Friday Market Watch - Cattle Round Out the Week Lower; Corn, Wheat Prices Experience Some Rebound at End of Bearish Week

 LIVESTOCK:

Friday's market didn't support the cattle complex much, but the lean hog contracts were able to rally through the day's end. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.41 with a weighted average of $78.17 on 6,545 head. 

From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.15, June live cattle down $2.03; March feeder cattle up $1.47, April feeder cattle up $1.63; April lean hogs up $2.90, June lean hogs up $2.15; March corn down $0.21, May corn down $0.23.

Friday's slaughter is estimated at 114,000 head, 3,000 head less than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 18,000 head. This week's slaughter is estimated at 634,000 head, 5,000 head more than a week ago and 3,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.31 ($284.91) and select down $4.51 ($271.54) with a movement of 96 loads (54.58 loads of choice, 9.77 loads of select, 9.04 loads of trim and 22.77 loads of ground beef). Throughout the week, choice cuts averaged $286.48 (down $2.10 from last week) and select cuts averaged $275.93 (down $1.94 from last week) and the week's total movement of cuts, grinds and trim totaled 547 loads.

More: Friday Closing Livestock Market Update - Cattle Round Out the Week Lower While Hogs Rallied

GRAINS:

May corn closed up 5 3/4 cents and December corn was up 4 1/4 cents. May soybeans closed down 3 3/4 cents and November soybeans were down 2 1/2 cents. May KC wheat closed up 21 cents, May Chicago wheat was up 13 1/2 cents and May Minneapolis wheat was up 11 1/4 cents.

For the week:

May corn closed down 22 1/2 cents and December corn was down 13 1/4 cents. May soybeans closed down 11 3/4 cents and November soybeans were down 15 1/2 cents. May KC wheat closed down 18 cents, May Chicago wheat was down 29 1/2 cents and May Minneapolis wheat was down 42 1/4 cents.

DAIRY:

Blocks fell back, eliminating the gain of Thursday and then some. Price declined 4.50 cents, ending at $1.78 with one load traded. Barrel cheese price gained 3.50 cents, closing at $1.77 with 15 loads traded. Barrel buyers went home satisfied while there were two uncovered offers remaining at the close. Buyers' needs may have been satisfied this week, which could leave a void under the market next week. Dry whey price increased 0.25 cent, closing at 44.25 cents with one load traded. Class III futures again failed to follow through from the overnight with contracts 10 cents lower to 4 cents higher. Butter prices remained unchanged at $2.3325 with no loads traded. Grade A nonfat dry milk price remained steady at $1.1750 with five loads traded. Class IV futures have not yet traded. Butter futures are 0.47 cent lower to 0.10 cent higher. Dry whey futures are 0.45 to 1.10 cents higher.

More: Friday Closing Dairy Market Update - January Exports Remain Strong

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

OUTSIDE MARKETS:

The March U.S. Dollar Index is down 0.68 at 104.63. April crude oil gained $0.96 closing at $76.68 per barrel. The Dow lost 345 points closing at 31,910 while the Nasdaq lost 199 points closing at 11,139. April gold is up $33.70 at $1,868.30May silver is up $0.35 at $20.52 and May copper is down $0.0415. April ultra-low sulfur diesel is up $0.0990, April RBOB gasoline is up $0.0377 and April natural gas is down $0.108.