Friday Market Watch - Cash Cattle Trade Leads the Charge; Wheat, Corn Prices End Higher

LIVESTOCK:

What a week it was! The corn market bounced around as it juggled news from the USDA reports to weather developments, all of which has serious ramifications for the cattle complex. Even so, both the live cattle and feeder cattle contracts closed higher by Friday's end. The real champion of this week's marketplace are the feedlot managers who continue to keep the cash cattle market strong even though the seasonal pressures of July. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.63 with a weighted average price of $99.91 on 6,037 head. 

From Friday to Friday, livestock futures scored the following changes: August live cattle up $3.18, October live cattle up $3.25; August feeder cattle up $1.22, September feeder cattle up $0.63; July lean hogs up $2.98, August lean hogs up $1.05; July corn up $0.39, September corn up $0.19.

Friday's slaughter is estimated at 121,000 head, 4,000 head less than a week ago and 1,000 head more than a year ago. Saturday's slaughter is projected to be around 8,000 head. The week's estimated slaughter totals 633,000 head, incomparable to last week but 40,000 head less than a year ago.

Boxed beef prices closed lower: choice down $0.97 ($305.94) and select down $3.57 ($276.61) with a movement of 136 loads (65.09 loads of choice, 30.37 loads of select, 20.05 loads of trim and 20.50 loads of ground beef).

More: Friday Closing Livestock Market Update - Cash Cattle Trade Leads the Charge

GRAINS:

September corn closed up 13 cents and December corn was up 13 1/4 cents. August soybeans closed down 4 1/2 cents and November soybeans were up 1 cent. September KC wheat closed up 23 cents, September Chicago wheat was up 21 3/4 cents and September Minneapolis wheat was up 22 1/2 cents.

For the week:

September corn closed up 19 1/4 cents and December corn was up 19 1/4 cents. August soybeans closed up 52 1/2 cents and November soybeans were up 53 cents. September KC wheat closed up 10 3/4 cents, September Chicago wheat was up 12 cents and September Minneapolis wheat was up 36 1/2 cents.

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

DAIRY:

Block cheese price declined 5 cents, closing at $1.48 with 12 loads traded. Barrel cheese price declined 0.75 cent, closing at $1.3925 with 12 loads traded. Blocks tried to come back up during spot trading but eventually closed on the low. Barrels initially moved down 1.50 cents before buying interest reduced the loss. Class III futures traded higher early in the day but fell back once weakness in cheese was evident. However, futures bounce back from their lows a bit but remain negative in 2023 contracts, ranging from 2 to 33 cents lower. Contracts for 2024 are trading 2 to 23 cents higher. Butter price increased 2 cents, closing at $2.55 with three loads traded. Grade A nonfat dry milk price declined a penny, closing at $1.1050 with nine loads traded. The weakness of nonfat dry milk offset much of the gain of butter. However, butter futures are higher with gains of 2.00 to 4.25 cents. Dry whey futures are 0.90 cent lower to 0.07 cent higher.

More: Friday Closing Dairy Market Update - Milk Futures Post a Higher Close for the Week

OUTSIDE MARKETS:

The U.S. Dollar Index is up 0.15 at 99.92. August crude oil is down $1.60 per barrel at $75.29. The Dow Jones Industrial Average is up 114 points at 34,509 with the NASDAQ down 25 points at 14,114. August gold is up $0.90 at $1,964.70, September silver is up $0.26 at $25.21 and September copper is down $0.0125.August ultra-low sulfur diesel is down $0.0099, August RBOB gasoline is down $0.0314 and August natural gas is down $0.014.