China Excites Markets
On Thursday the Class 3 markets traded mainly higher throughout the session with most action in the front months. February lost 6 cents to 13.95, march rose 6 cents to 14.66. and April rose 15 cents to 14.65. The rest of the months traded anywhere from unchanged to 11 cents higher.
The higher movement in the class 3 market was not reflected in the spot trade. The only product showing gains was Grade A non fat dry milk rising 1 cent to finish at 99 ¾ cents. Dry whey fell ¾ of a cent to 35 ¼ cents. Butter fell ¾ of a cent to $2.25 cents per pound. Barrels fell 1 ¼ cent to $1.40 ½ and blocks finished unchanged at $1.59 ½ cents per pound.
The headline that excited the markets on Thursday was that China proposes to spend $30 billion more on US Ag imports, which could be a variety of products. The grain markets reacted positively off of this news as corn rose 4 ¾ cents to 375 ½ in march and march beans rose 8 ¼ cents to 911. The wheat complex rose 4 to 6 cents in Chicago and 4-5 cents in Kansas City and 5-9 cents in Minneapolis