Friday Market Watch - Crop Prices Lower With Rain Expected Next Week; Weaker Corn and Steady Cash Help Cattle Close Higher

LIVESTOCK:

By Friday's end, the cattle contracts cheered as the strong showing in the cash cattle market amid a weaker corn complex helped propel both the live cattle and feeder cattle contracts higher through closing, but the lean hog complex ran out of steam by Friday's end. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $2.95 with a weighted average price of $97.25 on 2,273 head. 

From Friday to Friday, livestock futures scored the following changes: August live cattle down $0.18, October live cattle down $0.18; August feeder cattle down $2.15, September feeder cattle down $2.22; July lean hogs up $3.35, August lean hogs up $2.55; July corn up $0.06, September corn down $0.01.

Boxed beef prices closed lower: choice down $2.97 ($316.90) and select down $4.34 ($285.63) with a movement of 134 loads (77.76 loads of choice, 20.40 loads of select, 18.12 loads of trim and 17.59 loads of ground beef). Throughout the week choice cuts averaged $321.97 (down $7.22 from last week) and select cuts averaged $290.65 (down $6.47 from last week) and the week's total movement of cuts, grinds and trim totaled 432 loads.

More: Friday Closing Livestock Market Update - Weaker Corn and Steady Cash Help Cattle Close Higher

GRAINS:

September corn closed down 11 3/4 cents and December corn was down 12 cents. August soybeans closed down 20 1/2 cents and November soybeans were down 21 3/4 cents. September KC wheat closed down 25 1/2 cents, September Chicago wheat was down 8 1/2 cents and September Minneapolis wheat was down 10 1/4 cents.

For the week:

September corn closed down 1 1/4 cents and December corn was down 1/4 cent. August soybeans closed down 14 1/4 cents and November soybeans were down 25 1/2 cents. September KC wheat closed up 18 1/4 cents, September Chicago wheat was down 1 1/2 cents and September Minneapolis wheat was up 30 3/4 cents.

DAIRY:

Block cheese price increased 3 cents, closing at $1.3935 with two loads traded. There were four unfilled bids at the close. Barrel cheese price increased 2.25 cents, closing at $1.38 with 25 loads traded. There were five unfilled bids remaining at the close. Dry whey decreased 0.25 cent, closing at 22.75 cents with 20 loads traded. There were eight unfilled bids and five uncovered offers remaining at the close. Class III futures are mixed from 11 cents lower to 14 cents higher. Traders remain reluctant to buy into futures on the strength of the past two days of underlying cash. Heavy trading of barrels and dry whey also indicates there are plentiful supplies with sellers wanting to move it as soon as possible. So even though cheese prices increased, there is a bearish cloud hanging over the market. Butter price increased 0.25 cent, closing at $2.48 with seven loads traded. Price initially traded lower before buyer interest moved the market higher. Grade A nonfat dry milk price decreased 2 cents, closing at $1.0875 with four loads traded. This is the lowest price since Nov. 24, 2020. Class IV futures have not yet traded with bids and offers somewhat far apart. Butter futures are 0.10 to 1.75 cents higher. Dry whey futures are 0.20 to 0.90 cent lower.

More: Friday Closing Dairy Market Update - May Exports Decline

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

OUTSIDE MARKETS:

The U.S. Dollar Index is down 0.89 at 102.27. August crude oil is up $1.88 per barrel at $73.68. The Dow Jones Industrial Average is down 187 points at 33,735 with the NASDAQ down 18 points at 13,661. August gold is up $16.40 at $1,931.80, September silver is up $0.41 at $23.30 and September copper is up $0.0505. August ultra-low sulfur diesel is up $0.0830, August RBOB gasoline is up $0.0427 and August natural gas is down $0.030.