LIVESTOCK:
Friday's market closed with the same lower tones that it possessed throughout most of the week as traders are still leery about the U.S. economy and banking systems. However, cattlemen were thankful to see a supportive Cattle on Feed report shared Friday afternoon and now hope that it helps spur on stronger trade early next week. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.22 with a weighted average of $77.61 on 4,456 hogs.
From Friday to Friday, livestock futures scored the following changes: April live cattle down $1.95, June live cattle down $2.25; March feeder cattle down $2.63, April feeder cattle down $3.00; April lean hogs down $7.58, June lean hogs down $9.45; May corn up $0.17, July corn up $0.11.
Friday's slaughter is estimated at 113,000 head, 1,000 head less than a week ago and 13,000 head more than a year ago. Saturday's slaughter is projected to be around 17,000 head. This week's estimated slaughter amounts to 631,000 head, 3,000 head less than a week ago and 5,000 head less than a year ago.
Boxed beef prices closed mixed: choice down $0.60 ($283.35) and select up $0.68 ($272.44) with a movement of 78.67 loads (40.34 loads of choice, 14.31 loads of select, 5.31 loads of trim and 18.71 loads of ground beef). Throughout the week choice cuts averaged $284.47 (down $2.01 from last week) and select cuts averaged $273.00 (down $2.93 from last week) and the week's total movement of cuts, grinds and trim totaled 501 loads.
GRAINS:
May corn closed up 1 1/2 cents and December corn was up 2 3/4 cents. May soybeans closed down 15 cents and November soybeans were down 11 cents. May KC wheat closed up 16 cents, May Chicago wheat was up 11 1/2 cents and May Minneapolis wheat was up 11 3/4 cents.
For the week:
May corn closed up 17 cents and December corn was up 3 1/2 cents. May soybeans closed down 30 1/2 cents and November soybeans were down 44 cents. May KC wheat closed up 37 1/2 cents, May Chicago wheat was up 31 1/4 cents and May Minneapolis wheat was up 36 1/4 cents.
DAIRY:
Block cheese price gained 4.50 cents closing at $1.9975 with five loads traded. Barrel cheese price increased 7.25 cents closing at $1.96 with 16 loads traded. The buying interest in barrels has been surprising not only this week but last week as well. Price has moved to the highest level since November 17, 2022, and has increased 43 cents over the past two weeks. Dry whey price increased 0.75 cents closing at 46.75 cents with one load traded. Class III futures are steady to 44 cents higher with May showing the greatest gain. Butter price remained steady at $2.40 with no loads traded. No buyers or sellers showed up during spot trading. Grade A nonfat dry milk increased 0.75 cent ending at $1.1875 with one load traded. Class IV futures are steady to 2 cents lower with trading activity only taking place in the May and June contracts. Butter futures are steady to 1.50 cents higher. Dry whey futures are steady to 1.00 cent higher.
More: Friday Closing Dairy Market Update - A Nice Close to a Strong Week
FORAGE: This Week's Hay Markets (forage fodder blog)
OUTSIDE MARKETS:
The June U.S. Dollar Index is down 0.63 at 103.46. May crude oil is down $1.50 at $67.02, April crude oil declined $1.61 per barrel ending at $66.74. The Dow declined 385 points closing at 31,862 with the Nasdaq declining 87 points closing at 11,631. April gold is up $61.60 at $1,984.60, May silver is up $0.99 at $22.69 and May copper is up $0.0370. April ultra-low sulfur diesel is up $0.0340, May RBOB gasoline is down $0.0070 and April natural gas is down $0.178.
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