LIVESTOCK:
Traders seemed to have a change of heart with Friday's market as both the live cattle and lean hog contracts closed mostly higher. However, the $0.09 to $0.12 gain in the corn complex kept feeders from jumping on the bandwagon and enjoying a higher close themselves. Hog prices closed lower on the Daily Direct Afternoon hog report, down $0.13 with a weighted average of $76.58 on 6,851 hogs.
From Friday to Friday, livestock futures scored the following changes: April live cattle up $0.68, June live cattle up $0.20; March feeder cattle up $0.80, April feeder cattle up $0.15; April lean hogs down $2.70, June lean hogs down $1.90.
Friday's slaughter is estimated at 108,000 head, 5,000 head less than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head. This week's slaughter is estimated at 626,000 head, 5,000 head less than a week ago and 31,000 head less than a year ago.
Boxed beef prices closed lower: choice down $2.90 ($279.88) and select down $0.14 ($268.75) with a movement of 108.09 loads (73.51 loads of choice, 10.56 loads of select, 6.70 loads of trim and 17.32 loads of ground beef). Throughout the week, choice cuts averaged $280.98 (down $3.49 from last week) and select cuts averaged $270.59 (down $2.41 from last week) with a total movement of cuts, grinds and trim totaling 612 loads.
More: Friday Closing Livestock Market Update - Live Cattle and Lean Hogs Higher
GRAINS:
May corn closed up 11 1/4 cents and December corn was up 8 cents. May soybeans closed up 8 3/4 cents and November soybeans were up 15 1/4 cents. May KC wheat closed up 28 1/4 cents, May Chicago wheat was up 26 1/2 cents and May Minneapolis wheat was up 16 1/4 cents.
For the week:
May corn closed up 8 3/4 cents and December corn was down 1 cent. May soybeans closed down 48 1/4 cents and November soybeans were down 40 1/4 cents. May KC wheat closed up 12 1/4 cents, May Chicago wheat was down 22 cents and May Minneapolis wheat was down 3/14 cents on the week.
DAIRY:
Block cheese price increased 4.50 cents, closing at $2.10 with three loads traded. Barrel cheese gained 0.25 cent, closing at $1.9625 with two loads traded. Barrel price initially declined to $1.94 before a buyer bid price back up to close higher. Dry whey price increased 0.75 cent, closing at 44.50 cents with four loads traded. Class III futures are unchanged to 25 cents higher with September and November showing the greatest gain. Butter price slipped 0.25 cent, closing at $2.3450 with one load traded. Grade A nonfat dry milk price remained unchanged at $1.15 with no loads traded. Class III futures have only traded in the November contract, steady with Thursday. Butter futures are 0.27 to 0.60 cent higher. Dry whey futures are steady to 0.30 cent lower.
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The June U.S. Dollar Index is up 0.60 at 102.81. May crude oil declined $0.70 closing at $69.26 per barrel. The Dow gained 132 points closing at 32,238 while the Nasdaq gained 37 points closing at 11,824. April gold is down $17.10 at $1,978.80, May silver is down $0.01 at $23.25 and May copper is down $0.0545. May ultra-low sulfur diesel is up $0.0045, May RBOB gasoline is down $0.0022 and April natural gas is up $0.064.
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