Weekly Commodity Prices Update (6/4)
For the week ending June 4, July corn finished up 26 cents, December corn finished up 46 cents. July beans finished 53 1/4 cents higher for the week, and November beans finished up 62 3/4 cents. Kansas City July wheat closed up 23 1/4 cents, Chicago July wheat closed up 24 1/4 cents and Minneapolis new crop September closed 86 cents higher.
From Friday (5/28) to Friday (6/4), livestock futures scored the following changes: June live cattle up $0.95, August live cattle off $0.525, August feeder cattle off $1.42, September feeder cattle off $0.78, June lean hogs up $2.25, July lean hogs up $1.25
Boxed beef prices dropped Friday afternoon but are still extremely strong: choice down $1.57 ($338.98) and select down $1.43 ($311.73) with a movement of 97 loads (58.44 loads of choice, 16.36 loads of select, 10.19 loads of trim and 11.64 loads of ground beef). Cash cattle trade continued at steady prices Friday, with Southern live business at $120 and Northern dressed trade at mostly $191, fully steady with last week's weighted average.
Class III futures closed mixed for the week with some contracts lower than last Friday and others slightly higher. All in all, it was somewhat of an uneventful week.
The April Dairy Products report showed American cheese production at 473 million pounds, an increase of 6% over April 2020. That stands to reason as many plants still processed cheese, but reduced production or dumped milk due to the fact they could not handle it or demand for the finished product was not there. Buyers of any extra available milk were not willing to purchase and much of what was made moved into storage. Most of the milk that was dumped was milk that was destined for bottling as school and restaurant accounts were immediately shut down. Italian type cheese production totaled 481 million pounds in April and was 7.4% above a year earlier. Total cheese output reached 1.14 billion pounds, up 8.0% from April 2020. Dry whey production totaled 74.4 million pounds and was down 1.8% below a year. Accurate comparisons to last year cannot be made for production. For the week, blocks declined 3 cents with 33 loads traded. Barrels increased 4.50 cents with 20 loads traded. Dry whey declined 2 cents with 2 loads traded.
Butter output in April totaled 185 million pounds and was surprisingly 18.5% lower than April 2020. Nonfat dry milk output totaled 195 million pounds, down 4%. Skim milk production totaled 41.6 million pounds, down 19.4% from a year ago. For the week, butter declined 3.50 cents with 17 loads traded. Grade A nonfat dry milk declined 3.25 cents with 10 loads traded.