LIVESTOCK:
GENERAL COMMENTS:
Both the live cattle and lean hog contracts closed lower Friday afternoon while the feeder cattle complex charged onward, seeming to celebrate the tremendous demand that's currently being seen in the countryside and because of the lower corn prices. Come Monday, both the live cattle and feeder cattle contracts could be pressured as Friday afternoon's Cattle on Feed report showed greater-than-expected placements, which never bodes well for the market regardless of how strong fundamentals are. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $3.26 with a weighted average price of $106.25 on 3,076 head.
From Friday to Friday, livestock futures scored the following changes: August live cattle down $0.15, October live cattle down $0.72; August feeder cattle down $0.72, September feeder cattle up $0.05; August lean hogs up $4.47, October lean hogs up $0.65; September corn up $0.21, December corn up $0.23.
Friday's slaughter is estimated at 118,000 head, 3,000 head less than a week and year ago. Saturday's slaughter is projected to be around 15,000 head. The week's total slaughter is estimated at 628,000 head, 5,000 head less than a week ago and 35,000 head less than a year ago.
Boxed beef prices closed higher: choice up $0.18 ($302.74) and select up $2.02 ($276.73) with a movement of 103 loads (55.80 loads of choice, 17.93 loads of select, 6.72 loads of trim and 22.96 loads of ground beef). Throughout the week choice cuts averaged $304.07 (down $5.88 from last week) and select cuts averaged $275.95 (down $4.14 from last week) and the week's total movement of cuts, grinds and trim totaled 606 loads.
GRAINS:
September corn closed down 10 1/4 cents and December corn was down 10 cents. August soybeans closed up 6 cents and November soybeans were down 3 cents. September KC wheat closed down 14 1/2 cents, September Chicago wheat was down 29 1/2 cents and September Minneapolis wheat was down 15 cents.
For the week:
September corn closed up 20 1/2 cents and December corn was up 22 1/2 cents. August soybeans closed up 20 3/4 cents and November soybeans were up 31 cents. September KC wheat closed up 31 1/4 cents, September Chicago wheat was up 36 cents and September Minneapolis wheat was up 2 3/4 cents.
DAIRY:
Block cheese price increased 6.25 cents closing at $1.7825 with six loads traded. Barrel cheese price increased 7 cents closing at $1.6550 with no load traded. There was an unfilled bid remaining at the close in each category. Dry whey price increased 0.25 cent closing at 25.25 cent with 11 loads traded. Class III milk futures were higher prior to spot trading but this fueled the fire increasing the buying interest of traders. Class III futures are 5-65 cents higher but have slipped back from the highs. September futures increased as much as 91 cents at one point. Butter price increased 4.75 cents closing at $2.5825 with 37 loads traded. Buying may have been triggered due to the upcoming hot weather and the bullish implications of the June Milk Production report. There was one unfilled bid remaining at the close. Grade A nonfat dry milk price increased 1.50 cents closing at $1.12 with no loads traded. Class IV futures are 11-18 cents higher. Butter futures are 0.35–2.75 cents higher. Dry whey futures are steady to 0.25 cent higher.
More: Friday Closing Dairy Market Update - Strong Day for Milk Futures
FORAGE: This Week's Hay Markets (Forage Fodder Blog)
OUTSIDE MARKETS:
The U.S. Dollar Index is up 0.16 at 101.04. September crude oil is up $1.42 per barrel at $77.07. The Dow Jones Industrial Average is up 3 points at 35,228 with the NASDAQ down 31 points at 14,033. August gold is down $5.60 at $1,965.30, September silver is down $0.14 at $24.82 and September copper is down $0.0180. September ultra-low sulfur diesel is up $0.0737, September RBOB gasoline is up $0.0581 and September natural gas is down $0.032.
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