Friday Market Watch

LIVESTOCK:

Throughout Friday, the livestock contracts rallied and all three markets were able to keep that momentum through closing. It helped the cattle complex that cash cattle trade finally started to develop shortly after the noon hour. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.66 with a weighted average of $78.04 on 6,154 head. 

From Friday to Friday, livestock futures scored the following changes: April live cattle up $0.05, June live cattle down $0.40; March feeder cattle up $0.93, April feeder cattle up $2.45; April lean hogs down $1.48, June lean hogs down $2.85; March corn down $0.05, May corn down $0.09.

Friday's slaughter is estimated at 117,000 head, 5,000 head less than a week ago and 4,000 head less than a year ago. Saturday's slaughter is projected to be around 11,000 head. This week's slaughter is estimated at 629,000 head, 11,000 head more than a week ago and 30,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.82 ($289.32) and select down $0.72 ($276.86) with a movement of 77 loads (54.89 loads of choice, 10.24 loads of select, 4.65 loads of trim and 7.27 loads of ground beef). Throughout the week choice cuts averaged $288.59 (up $1.95 from last week) and select cuts averaged $277.87 (up $4.78 from last week) with a total movement of cuts, grinds, and trim totaling 443 loads.

More: Friday Closing Livestock Market Update - All Three Market's Higher

GRAINS:

May corn closed up 6 cents and December corn was up 1/2 cent. May soybeans closed up 9 1/2 cents and November soybeans were up 5 1/2 cents. May KC wheat closed down 9 3/4 cents, May Chicago wheat was down 4 cents and May Minneapolis wheat was down 4 1/4 cents.

For the week:

May corn closed down 9 1/2 cents and December corn was down 5 1/4 cents. May soybeans closed down 1/2 cent and November soybeans were down a penny. May KC wheat closed down 19 cents, May Chicago wheat was down 13 cents and May Minneapolis wheat was down 9 3/4 cents.

DAIRY:

Block cheese price gained 4 cents, closing at $1.95 with two loads traded. Barrel cheese price gained 4.50 cents, closing at $1.5750 with 20 loads traded. There was an unfilled bid for a load of blocks and 14 unfilled bids for barrels at the close. This would suggest further buying interest on Monday unless buyers are able to find supply out in the country. Dry whey increased a penny to 44.50 with six loads traded. The increase of blocks and barrels should have moved Class III futures significantly higher, but such is not the case as contracts are mixed ranging from 17 cents lower to 11 cents higher. Contracts through June are higher while later contracts are lower. Traders are just not buying into the strength of cash. Butter price remained unchanged at $2.3450 with no loads traded. No buyers or sellers showed up to do any business Friday. Grade A nonfat dry milk price declined 0.25 cent, ending at $1.1775 with one load traded. Class IV futures have not yet traded

More: Friday Closing Dairy Market Update - January Butter and Cheese Production Increased

FORAGE: This Week's Hay Markets (forage fodder blog)

OUTSIDE MARKETS:

The March U.S. Dollar Index is trading down 0.42 at 104.58. The Dow gained 387 points closing at 33,391 while the Nasdaq gained 226 points closing at 11,689. April gold is up $15.50 at $1,856.0, May silver is up $0.34 at $21.24 and May copper is down $0.0105. April crude oil is up $1.50 at $79.66, April ultra-low sulfur diesel is up $0.0465, April RBOB gasoline is up $0.0465 and April natural gas is up $0.247.