EPA news affected the crop markets Friday. Corn continued recovering from fresh 2015 lows Thursday night, with pragmatic and technical buying before the weekend seeming to power gains. However, the EPA released its long-awaited interpretations of Congress’s “Renewable Fuels Mandate” at midmorning; those were seen as being somewhat bearish for corn, which pushed prices modestly lower. July corn futures settled 2.0 cents lower at $3.515/bushel Friday afternoon, while December lost 2.0 to $3.68.
Compared to last week, a light holiday test of yearlings and calves sold fully steady to 5.00 higher. The official start to the summer grilling season was followed by continued good demand for all classes and in many cases no signs of top-side pressure. Many major early–week auctions were idle this week, including the Oklahoma National Stockyards and the Joplin Regional Stockyards but buyers picked up where they left off at mid-week sales, as demand remains very good for calves and yearlings.
Choice boxed beef prices saw a large fall from $260.18 on Thursday to hit $255.11 on Friday. The $5.07 drop brought the 27-day average price to $259.98. Select boxed beef fell by $4.91 on Friday to hit $4.91. The 27-day average price is now at $248.16.
Choice primal loin saw a huge drop on Friday, falling $9.16 to $369.81. Choice primal brisket was not far behind with an $8.88 decrease to $175.31. Choice primal flank saw the smallest drop, falling only $1.15 on Friday.