Weekly Commodity Prices Update (5/28)
For the week ended May 28, July corn finished down 2 3/4 cents, December corn finished down 1 cent. July beans finished 4 1/4 cents higher for the week and November beans finished down 12 1/4 cents higher. Kansas City July wheat closed down 10 3/4 cents, Chicago July wheat closed down 10 3/4 cents and Minneapolis new-crop September closed 27 3/4 cents higher
From Friday to Friday livestock futures scored the following changes: June live cattle down $1.80, August live cattle down $2.32; August feeder cattle down $2.35, September feeder cattle down $1.38; June lean hogs up $3.03, July lean hogs up $2.80.
Throughout the week, boxed beef prices trended higher, but not as drastically as they have in weeks past. Throughout the wee,k choice cuts averaged $329.64 (up $6.50 from last week) and select cuts averaged $303.34 (up $3.43 from last week) and the week's total load count of cuts, grinds and trim totaled 493 loads. The week's movement was still insufficient to meet all of consumers needs, inadequate throughput negatively affects all sides of the market -- cow-calf producers, feedlots and consumers alike.
Class III milk futures in the front months closed substantially lower for the week. June fell $0.85, July fell $0.90 with August down $0.61. Milk futures have fallen drastically over the past three weeks. The concern over escalating feed prices was alleviated to some extent, but certainly has not been eliminated. Much can happen over the growing season to impact crop production and milk prices.
Block cheese price quickly fell to the bottom end of the trading range it has been in since November. There has been volatility with price ranging from a high of $1.9625 for a brief period of time after the beginning of the year and a low of $1.51. Unfortunately, current block price is only 2 cents from the low and threatening to break lower. For the week, blocks declined 4 cents with 36 loads traded. Barrel declined 3.75 cents with 33 loads traded. Dry whey declined 2.25 cents with 3 loads traded.
For the week, butter declined 6 cents with 20 loads traded. Grade A nonfat dry milk price slipped 0.50 cent with 23 loads traded. As you can see, trading activity is generally all categories has increased. Butter has been able to hold well at a higher price as supply and demand seem to be balanced.