Friday Market Watch - Livestock Complex Rounds Out Week Fully Higher; Rallies Send Corn, Soybeans, Wheat Higher

LIVESTOCK;

he livestock complex rounded out the week on a strong note as all three of the markets were able to close higher. The cattle complex now looks to next week, wondering what cash cattle prices could do in the week ahead. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $4.82 with a weighted average of $81.76 on 3,992 head. 

From Friday-to-Friday livestock futures scored the following changes: June live cattle up $9.08, August live cattle up $7.72; August feeder cattle up $7.97, September feeder cattle up $7.90; June lean hogs up $10.65, July hogs up $9.88; July corn up $0.05, September corn up $0.07.

Friday's slaughter is estimated at 124,000 head -- 6,000 head more than a week ago and 1,000 head less than a year ago. Saturday's slaughter is projected to be around 67,000 head. This week's slaughter is estimated at 573,000 head -- incomparable to last week but 35,000 head less than a year ago.

Beef net sales of 18,100 metric tons (mt) for 2023 were down 1% from the previous week but unchanged from the prior four-week average. The three largest buyers were Japan (5,700 mt), South Korea (4,700 mt) and China (3,400 mt). Throughout the week choice cuts averaged $306.79 (up $5.43 from the previous week) and select cuts averaged $288.04 (up $4.45 from the previous week) and the week's total movement of cuts, grinds and trim totaled 519 loads.

Boxed beef prices closed higher: choice up $3.49 ($309.93) and select up $4.61 ($290.93) with a movement of 120 loads (68.06 loads of choice, 19.79 loads of select, 19.71 loads of trim and 12.03 loads of ground beef).

More: Friday Closing Livestock Market Update - Complex Rounds Out Week Fully Higher 

GRAINS:

July corn closed up 16 1/2 cents and December corn was up 11 1/4 cents. July soybeans closed up 23 cents and November soybeans were up 14 3/4 cents. July KC wheat closed up 9 3/4 cents, July Chicago wheat was up 8 1/4 cents and September Minneapolis wheat was up 15 1/2 cents.

For the week:

July corn closed up 5 cents and December corn was up 6 3/4 cents. July soybeans closed up 15 1/4 cents and November soybeans were down 5 3/4 cents. July KC wheat closed down 7 cents, July Chicago wheat was up 3 cents and September Minneapolis wheat was down 13 cents.

DAIRY:

Block cheese fell back nearly eliminating the gain of Thursday. Price fell 7.25 cents, ending at $1.43 with one load traded. There were two unfilled bids and two uncovered offers remaining at the close. Barrel cheese price increased 0.25 cent, closing at $1.5125 with 16 loads traded. There was one unfilled bid remaining at the close. Barrel price did gain as much as a penny at one point but slipped back as sellers became a bit more aggressive. Dry whey price remained unchanged at 25.75 with 17 loads traded. Price initially declined 0.25 cent before it recovered the loss. Class III futures fell with contracts 9 to 41 cents lower. Even though block price did not completely eliminate yesterday's gain, futures are falling further than the increase yesterday. Butter price declined 2 cents, ending at $2.4450 with five loads traded. This brings price back into the range. Grade A nonfat dry milk price remained steady at $1.17 with no loads traded. Class IV futures are 9 to 13 cents lower. Butter futures are unchanged to 1.45 cents lower. Dry whey futures are 0.02 to 1.40 cents lower.

More: Friday Closing Dairy Market Update - Fluid Milk Sales Decline 0.7%

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

OUTSIDE MARKETS:

The U.S. Dollar Index is up 0.50 at 104.06. The Dow Jones Industrial Average is up 701.43 points at 33,763.0. August gold is down $28.60 at $1,966.90, July silver is down $0.29 at $23.70 and July copper is up $0.0105. July crude oil is up $1.67 at $71.77, July ultra-low sulfur diesel is up $0.0468, July RBOB gasoline is up $0.0705 and July natural gas is up $0.027.