LIVESTOCK:
The lean hog complex ran higher through Friday's end, but both the live cattle and feeder cattle contracts closed mixed as their markets weren't as widely supported. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $8.60 with a weighted average price of $85.52 on 1,208 head.
From Friday to Friday, livestock futures scored the following changes: June live cattle up $1.80, August live cattle down $1.05; August feeder cattle down $2.90, September feeder cattle down $3.30; June lean hogs up $1.15, July lean hogs up $4.97; July corn down $0.05, September corn down $0.11.
Friday's slaughter is estimated at 120,000 head, 4,000 head less than a week and year ago. Saturday's slaughter is projected to be around 6,000 head. This week's slaughter is estimated at 621,000 head, incomparable to last week but 50,000 head less than a year ago.
More: Friday Closing Livestock Market Update - Hogs Press Onward
GRAINS:
July corn closed down 6 cents and December corn was down 2 1/2 cents. July soybeans closed up 23 1/4 cents and November soybeans were up 15 1/4 cents. July KC wheat closed down 7 cents, July Chicago wheat was up 4 cents and September Minneapolis wheat was down 5 1/2 cents.
For the week:
July corn closed down 4 3/4 cents and December corn was down 10 1/4 cents. July soybeans closed up 34 cents and November soybeans were up 20 1/2 cents. July KC wheat closed down 14 1/2 cents, July Chicago wheat was up 11 1/4 cents and September Minneapolis wheat was up 6 3/4 cents.
DAIRY:
Block cheese price declined 5 cents, closing at $1.4225 with eight loads traded. Barrel cheese prices remained steady at $1.57 with four loads traded. Price initially increased 0.50 cent before selling moved price back down. Dry whey price remained unchanged at 27.50 cents with 19 loads traded. There was more business to be done with unfilled bids and offers remaining, but the trading activity was accomplished that needed to be done. Class III futures are mixed from 14 cents lower to 15 cents higher. Butter price slipped back 0.75 cent, closing at $2.3625 with five loads traded. Grade A nonfat dry milk price declined 0.25 cent, ending at $1.16 with two loads traded. Class IV futures are unchanged to 18 cents lower. Butter futures are 0.50 cent lower to 0.75 cent higher. Dry whey futures are 0.05 cent lower to 0.12 cent higher. USDA reduced estimated milk production 200 million pounds to 228.4 billion pounds this year according to the World Agricultural Supply and Demand report released Friday. Estimated milk production for 2024 was left unchanged from the May report at 230.8 billion pounds.
More: Friday Closing Dairy Market Update - USDA Lowers Milk Prices
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The U.S. Dollar Index is up 0.22 at 103.56. July crude oil is down $0.91 per barrel at $70.38. The Dow Jones Industrial Average is up 43 points at 33,877 with the NASDAQ is up 21 points at 13,259. August gold is down $1.80 at $1,976.80, July silver is up $0.04 at $24.39 and July copper is down $0.0185. July ultra-low sulfur diesel is down $0.0263, July RBOB gasoline is down $0.0172 and July natural gas is down $0.090.
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