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March 5, 2020

Coronavirus Concerns Continue to Plague the Markets

 |  By: Know Your Market

Commodity prices were mixed on Thursday with the storyline very much unchanged as coronavirus concerns continue on. Class III milk prices were on of the few bright spots adding 2-13 cents through the end of the year. Class IV months struggled and fell single digits in the nearby months. 

CME spot dairy auction results ended with butter closing 1.5 cents higher to $1.88 per lb. Cheddar blocks declined a penny to $1.75 following 2 trades. Barrels traded twice and 4 cents lower to $1.4775. Grade A nonfat dry milk moved 13 loads and left 11 offers hanging with a settlement of $1.125 per lb. Whey added a half cent to 34 cents per lb. 

Grain markets turned in a round of lower trade with corn down 3 cents, soybeans off 10, and the wheat complex was down 1 in Chicago, and 7 in Kansas City and Minneapolis. Fat cattle lost $2 per cwt and feeders were $1.90 per cwt lower. The energy complex fell 75 cents while diesel dropped 4 cents per gallon.