Friday Market Watch - Corn Plummets and Sends Cattle Back Over the Moon

LIVESTOCK:

If you feel like your little hometown is singing the National anthem next week, stronger than you've ever heard it before, you're probably not wrong as cattlemen are beaming with excitement over this market. Normally, Fridays ahead of a holiday are mundane and boring, but, this Friday, the market couldn't have been further from that, with the sharp increase in corn plantings sending cattle back over the moon! Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.04 with a weighted average price of $90.96 on 2,281 head. 

From Friday to Friday, livestock futures scored the following changes: June live cattle up $4.00, August live cattle up $6.40; August feeder cattle up $13.63, September feeder cattle up $13.13; July lean hogs up $4.38, August lean hogs up $2.93; July corn down $0.76, September corn down $0.96.

Friday's slaughter is estimated at 123,000 head, 3,000 head more than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 19,000 head. This week's slaughter is estimated at 644,000 head, 5,000 head less than a week ago but 3,000 head more than a year ago.

Boxed beef prices closed lower: choice down $0.33 ($327.72) and select down $3.55 ($293.63) with a movement of 98 loads (57.71 loads of choice, 20.20 loads of select, 9.67 loads of trim and 10.51 loads of ground beef).

More: Friday Closing Livestock Market Update - Corn Plummets and Sends Cattle Back Over the Moon

GRAINS:

July corn closed down 26 1/2 cents and December corn was down 33 3/4 cents. July soybeans closed up 74 1/4 cents and November soybeans were up 77 1/2 cents. September KC wheat closed unchanged, September Chicago wheat was down 16 1/2 cents and September Minneapolis wheat was down 8 1/2 cents.

For the week:

July corn closed down 76 1/4 cents and December corn was down 93 1/4 cents. July soybeans closed up 62 3/4 cents and November soybeans were up 33 1/4 cents. September KC wheat closed down 61 3/4 cents, September Chicago wheat was down 95 1/2 cents and September Minneapolis wheat was down 56 3/4 cents.

DAIRY:

Block cheese price increased 0.50 cents, closing at $1.3350 with 10 loads. Barrel cheese price decreased 0.50 cents, closing at $1.3450 with 10 loads traded. This leaves futures mixed with light trading activity. Dry whey increased 0.75 cent, closing at 24 cents with 10 loads traded. Class III futures are mixed, ranging from 9 cents lower to 9 cents higher. Butter price remained steady at $2.44 with no loads traded. Grade A nonfat dry milk price slipped $0.25, closing at $1.1175 with three loads traded. Class IV futures are 4 cents lower to 8 cents higher. Butter futures are 0.50 lower to 0.62 higher. Dry whey futures have not yet traded.

More: Friday Closing Dairy Market Summary - Prices Decreased in the Month of May

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

OUTSIDE MARKETS:

The U.S. Dollar Index is down 0.45 at 102.89. August crude oil is up $0.78 per barrel at $70.64. The Dow Jones Industrial Average is up 285 points at 34,408 with the NASDAQ up 197 points at 13,788. August gold is up $9.30 at $1,927.20, September silver is up $0.17 at $22.97 and September copper is up $0.0620. August ultra-low sulfur diesel is up $0.0358, August RBOB gasoline is up $0.0410 and August natural gas is up $0.097.