LIVESTOCK:
The livestock complex was anything but boring to watch as the cattle contracts remained strong throughout the day despite seeing corn prices jump sharply higher. Some trade was finally reported in the South midday on Friday, and prices were marked at mostly $182 which is $3.00 lower than last week's weighted average. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $8.15 with a weighted average price of $85.17 on 1,564 head.
From Friday to Friday, the livestock futures scored the following changes: June live cattle up $0.13, August live cattle down $0.13; August feeder cattle down $4.07, September feeder cattle down $3.52; July lean hogs up $3.23, August lean hogs up $6.72; July corn up $0.36, September corn up $0.70.
Friday's slaughter is estimated at 118,000 head, 3,000 head more than a week ago but 5,000 head less than a year ago. Saturday's slaughter is projected to be around 16,000 head.
Boxed beef prices closed higher: choice up $1.02 ($343.09) and select up $1.37 ($310.95) with a movement of 74 loads (40.21 loads of choice, 12.51 loads of select, 8.82 loads of trim and 12.71 loads of ground beef). Throughout the week choice cuts averaged $339.93 (up $15.44 from last week) and select cuts averaged $309.90 (up $8.39 from last week) and the week's total movement of cuts, grinds and trim totaled 471 loads.
GRAINS:
July corn closed up 17 cents per bushel at 6.40 and December corn was up 23 cents at 5.98. July soybeans closed up 38 1/4 cents at 14.67 and November soybeans were up 50 cents at 13.42. July KC wheat closed up 29 1/4 cents at 8.42, July Chicago wheat was up 26 1/2 cents at 6.88 and September Minneapolis wheat was up 20 3/4 cents at 8.54.
For the Week:
July corn closed up 36 cents and December corn finished up 67 cents. July soybeans closed 80 cents higher, with new-crop November rising by $1.38 for the week. Minneapolis July wheat closed 38 cents higher, Chicago July was up 57 3/4 cents, and Kansas City July ended the week 44 1/4 cents higher.
DAIRY:
Block cheese price declined 1.50 cents, closing at $1.3750 with one load traded. Barrel cheese price slipped 0.25 cent, closing at $1.5250 with one load traded. Buyers and sellers just were not very aggressive Friday. Dry whey price increased 0.25 cent, closing at 27.50 cents with 10 loads traded. Class III futures are mixed, ranging from 7 cents lower to 27 cents higher. A bit more selling pressure is surfacing as the market moves to the end of the day. Butter price declined 0.50 cent, closing at $2.3650 with no loads traded. Grade A nonfat dry milk price gained 0.25 cent, ending at $1.1575 with no loads traded. Spot markets just cannot find any reason to find strength and trend higher. Class IV futures are 1-2 cents lower. Butter futures are 0.35 cent lower to 1.65 cents higher. Dry whey futures have not yet traded. Markets will be closed on Monday for the Juneteenth holiday and reopen Monday night.
More: Friday Closing Dairy Market Update - Traders Show Positive Interest in Differed Months
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The September U.S. Dollar Index is trading up 0.139 at 101.855.July crude oil is up $1.16 per barrel at $71.78. The Dow Jones Industrial Average is down 109 points at 34,299 with the NASDAQ down 93 points at 13,690. August gold is up $0.40 at $1,971.10, July silver is up $0.26 at $24.21 and July copper is down $0.0135 at $3.8875. July heating oil is up $0.0670, August RBOB is up $0.0437 and July natural gas is up $0.095.
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