Friday Market Watch - Cash Cattle Trade $2 to $5 Lower; Spring Wheat, Soybean Oil Lead Grains Higher

LIVESTOCK:

It was a mixed day for the livestock complex, as live cattle and feeder cattle struggled with the onset of cheaper cash cattle prices. But the lean hog market nearly exploded. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.38 with a weighted average of $71.67 on 6,890 head. 

From Friday to Friday, livestock futures scored the following changes: April live cattle up $1.20, June live cattle up $0.95; May feeder cattle down $1.43, August feeders up $0.85; June lean hogs up $5.63, July lean hogs up $4.88; May corn down $0.27, July corn down $0.30.

Friday's slaughter is estimated at 106,000 head -- 2,000 head less than a week ago and 11,000 head less than a year ago. Saturday's slaughter is projected to be around 18,000 head. This week's slaughter is estimated at 620,000 head -- 2,000 head less than a week ago and 27,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $0.37 ($311.44) and select down $0.75 ($288.34) with a movement of 87 loads (50.32 loads of choice, 13.08 loads of select, 11.98 loads of trim and 11.45 loads of ground beef). Throughout the week, choice cuts averaged $309.30 (up $2.79 from last week) and select cuts averaged $288.34 (down $1.45 from last week) and the week's total movement of cuts, grinds and trim totaled 487 loads.

More: Friday Closing Livestock Market Update - Cash Cattle Trade $2 to $5 Lower

GRAINS:

July corn closed up 3 1/2 cents and December corn was down 3 cents. July soybeans closed up 15 1/2 cents and November soybeans were up 8 cents. July KC wheat closed up 11 cents, July Chicago wheat was up 4 1/2 cents and September Minneapolis wheat was up 16 1/2 cents.

For the week:

July corn closed down 30 1/4 cents and December corn was down 20 1/4 cents. July soybeans closed down 30 1/4 cents and November soybeans were down 21 3/4 cents. July KC wheat closed down 49 1/4 cents, July Chicago wheat was down 39 1/4 cents and September Minneapolis wheat was down 38 3/4 cents.

DAIRY:

Block cheese price increased 0.75 cent, closing at $1.6875 with two loads traded. There was one unfilled bid remaining at the close. The barrel cheese price closed unchanged after initially increasing 0.25 cent before slipping back. There was one unfilled bid and three uncovered offers remaining at the close. Dry whey price increased 0.75, closing at 35.25 with 15 loads traded. There was an uncovered offer and two unfilled bids remaining at the close. Class III futures are 22 cents lower to 2 cents higher. Butter price declined 6 cents, closing at $2.3525 with two loads traded. Grade A nonfat dry milk price gained 1.50 cents, closing at $1.1750 with two loads traded. Class IV futures are 1 to 10 cents higher. Butter futures are 0.25 to 3.00 cents higher. Dry whey futures are steady. 

More: Friday Closing Dairy Market Update - Class III Futures Close Lower for the Week

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

OUTSIDE MARKETS:

The June U.S. Dollar Index is up 0.10 at 101.36. June crude oil is up 1.95 per barrel at $76.71. The Dow gained 272 points closing at 34,098 while the Nasdaq gained 84 points closing at 12,227. June gold is up $0.50 at $1,999.50, July silver is up $0.10 at $25.31 and July copper is up $0.0095. June ultra-low sulfur diesel is up $0.0258, June RBOB gasoline is up $0.0370 and June natural gas is up $0.051.