Weekly Ag Commodities Market Wrap-Up
From Friday to Friday livestock futures scored the following changes: June live cattle down $0.73, August live cattle down $0.02; May feeder cattle up $5.83, August feeder cattle up $6.88; June lean hogs down $4.12, July lean hogs down $4.55.
This week boxed beef prices showed stellar advancements once again. Throughout the week choice cuts averaged $314.55 (up $10.55 from last week) and select cuts averaged $295.27 (up $8.57 from last week) with a total movement of cuts, grinds and trim only totaling 488 loads.
For the week ended May 14, July corn finished down 88 1/2 cents, December corn finished down 93 3/4 cents. July beans finished 3 1/2 cents lower for the week, and November beans finished down 32 3/4 cents. Kansas City July wheat closed down 79 cents, Chicago July wheat closed down 54 1/2 cents and Minneapolis new crop September closed 56 1/4 cents lower.
Class III milk futures were on a wild ride this week with strong movement higher during the first half of the week and falling futures during the second half. Class IV futures moved steadily higher throughout the week as strength from butter continued. Support for higher milk prices due to strong gains in corn futures kind of fell apart after the World Agricultural Supply and Demand Estimates report on Wednesday.
Buyers on cheese were more aggressive this week with more loads changing hands. The number of blocks traded was double of what they were last week. Block price decreased 2.25 cents with 35 loads traded. Barrels declined 0.25 cent with 19 loads traded. Dry whey increased 1.75 cents with two loads traded.
For the week, butter gained 10.50 cents with only five loads traded. Grade A nonfat dry milk declined 2.25 cents with 12 loads traded. Foodservice orders are strong but are now at steady levels. Retail demand has slowed as more people are again eating away from home. Most churns remain active with a desire to produce as much butter as they can as long as cream is available. Some plants have decided to sell some cream rather than churn it due to the high demand from ice cream manufacturers.