Friday Market Watch - Most Livestock Contracts Lower; KC Wheat Leads Grain, Oilseed Prices Higher

LIVESTOCK:

It was a mostly disappointing day for the livestock complex as most of the contracts closed lower. Come Monday, hog producers are going to be seeking direction and cattlemen are going to be hoping that next week cash cattle prices can remain steady. Hog prices closed lower on the Daily Direct Afternoon hog report, down $1.10 with a weighted average of $70.89 on 3,460 hogs. 

Friday to Friday, livestock futures scored the following changes: June live cattle down $3.55, August live cattle down $4.28; May feeder cattle down $8.45, August feeder cattle down $9.30; June lean hogs down $7.93, July lean hogs down $8.25; May corn up $0.17, July corn up $0.11.

Friday's slaughter is estimated at 117,000 head, 11,000 head more than a week ago and 4,000 head more than a year ago. Saturday's slaughter is projected to be around 10,000 head. This week's slaughter is estimated at 623,000 head, 1,000 head less than a week ago and 38,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.33 ($309.19) and select up $0.67 ($288.16) with a movement of 89.05 loads (59.10 loads of choice, 18.52 loads of select, 3.80 loads of trim and 7.63 loads of ground beef). Throughout the week choice cuts averaged $309.11 (up $0.11 from last week) and select cuts averaged $288.49 (up $0.15 from last week) and the week's total movement of cuts, grinds and trim totaled 514 loads.

More: Friday Closing Livestock Market Update - Most Contracts Lower

GRAINS - KC Wheat Leads Grain, Oilseed Prices Higher

July corn closed up 7 1/2 cents and December corn was up 6 1/4 cents. July soybeans closed up 18 3/4 cents and November soybeans were up 11 1/2 cents. July KC wheat closed up 34 3/4 cents, July Chicago wheat was up 15 1/4 cents and September Minneapolis wheat was up 24 1/4 cents.

For the week:

July corn closed up 11 1/2 cents and December corn was up 7 cents. July soybeans closed up 17 1/4 cents and November soybeans were up 16 1/2 cents. July KC wheat closed up 56 3/4 cents, July Chicago wheat was up 26 1/2 cents and September Minneapolis wheat was up 33 cents.

DAIRY:

Block cheese price fell 5.25 cents closing at $1.6125 with 19 loads traded. There were three unfilled and three uncovered offers remaining. Barrel cheese price declined 1.75 cents closing at $1.53 remaining at the close with one unfilled bid remaining at the close. Dry whey price declined a penny closing at 32.75 with 10 loads traded and eight unfilled bids remaining at the close. Class III futures are 13 cents lower to one cent higher. Butter price increased 0.25 cent closing at $2.4450 with no loads traded. Grade A nonfat dry milk increased 0.50 cent ending at $1.1975 with four loads traded. Class IV futures are 5 cents higher in the November contract, which is the only contract traded. Butter futures are 1.25 cents lower to 2.10 cents higher. Dry whey futures are 0.15 lower to 1.75 cents higher.

More: Friday Closing Dairy Market Update - March Product Output Mixed

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

OUTSIDE MARKETS:

The June U.S. Dollar Index is down 0.09 at 101.10. June crude oil is up $2.78 per barrel at $71.34. The Dow Jones Industrial Average was up 547 points at 33,674 and the NASDAQ was up 269 points at 12,235. June gold is down $32.40 at $2,023.30, July silver is down $0.35 at $25.88 and July copper is up $0.0235. June ultra-low sulfur diesel is up $0.0790, June RBOB gasoline is up $0.0588 and June natural gas is up $0.048.