A Tweet By President Trump Sent Prices Higher
A tweet by President Trump early in Thursdays trading session sent grain prices higher, mainly the soybean market. In the tweet, Trump alluded to having a very good conversation with China’s President regarding trade. Continued meetings are supposedly booked for the G-20 summit in Argentina near the end of November.
Soybeans rallied 30 cents and closed at $8.69 cents per bu. Corn followed the leader but scratched out just 3 and ¼ cents and closed at $3.66 and ¾ cents., 4 and ¼ cents of the highs. Wheat also gained 5-8 cents per bu. Thursday.
CME spot product markets traded in the same fashion as Wednesday. Butter added another 2 cents and closed at $2.30 per lb. following 8 trades. Grade A nonfat dry milk also traded 8 loads and gained 1 and ¼ cents to settle out at 89 and 1.4 cents. Dry whey dropped another quarter cent to 44 and ¾ cents after 10 trades.
The block to barrel spread further converged Thursday as well. Barrels jumped 4 and 1./2 cents to $1.37 and ½ cents. The spread now stands at 8 cents. Class III milk markets responded in a positive way, November moved 9 cents, respectively. The 2019 prices ranged from a penny lower to 4 cents higher.
Class IV milk did better. November added 4 cents and December jumped 26 cents. January through July 2019 traded 8-13 higher and August through December ranged from a penny lower to 5 cents higher.