China Excites The Grain Markets With Tariff Negotiations
The grain markets held all of the excitement during trading hours on Tuesday after news hit that China was willing to come back to the negotiating table in regard to tariffs. Soybeans led the charge and gained 28 cents, leaving the $9 resistance level in the dust and settled at $9.19 per bushel. Soybean meal added $7 per ton and closed around $340 per ton. Soybean oil jumped 42 cents to $28.73.
Corn futures followed along as it traded 5 and ¼ cents higher to $3.86 and ¼ cents per bushel. Wheat markets were up 7 cents in Chicago, 9 cents in Kansas City and 6 cents in Minneapolis. CME spot product markets on Tuesday resulted in butter moving 4 and ½ cents higher to $2.31 cents per lb. following 10 transactions.
Cheddar blocks fell 2 cents on a single trade to $1.50 even. Barrels gained ¼ cents as 7 loads were exchanged and closed at $1.40 and ¾ cents per lb. Grade A nonfat dry milk also traded 7 loads along with 8 unfilled bids as its price climbed to 83 and ¾ cents per lb. Dry whey was unchanged at 42 and ½ cents.
Class III milk prices were 18 cents lower in August and 6 cents lower in September, respectively. Fourth quarter 2018 ranged from 2 cents lower to 3 cents higher. 2019 saw very little change. Class IV milk results had September through December up 11 to 16 cents. March added 4 cents, April 8 cents, while August through December 2019 dropped 2-14 cents per cwt.