China Chatter Drowns Markets
The ag commodity markets saw broad based selling during Tuesday’s day trading session. The spot product market watched butter trade once but 2.25 cents lower to $2.3275 per lb. Cheddar blocks slid a half cent to $1.82 following 3 loads moving from seller to buyer. Barrels added a quarter cent on 8 trades to $1.7225. Grade A nonfat dry milk closed a quarter cent higher to $1.0375. Dry whey was left unchanged Tuesday at 34 cents per lb.
Class III milk markets witnessed double digit losses between August 2019 through March 2020. April 2020 through August 2020 ranged from 3 to 8 cents lower. Class IV markets were also lower. 2019 months were even to 8 cents softer.
An early morning tweet Tuesday morning regarding trade with China lacking led the grain markets to lower prices that they were unable to recover from throughout the day session. December corn lost 6 cents and settled at $4.21 per bu. The long-standing gap left on the new crop chart from May 24th was finally filled in today’s trade as well. Soybeans weakened cents to $8.9675 per bu. while soybean meal declined $3.50 per ton. The wheat complex had Chicago down 5 ½ cents, Kansas 3 and Minneapolis also 3 cents lower.