Chinese Keep U.S. Trade Discussions Silent
Agricultural markets across the board were lower on Monday, as the latest round of Chinese trade discussions was met with silence. The U.S. negotiation team left China on Sunday with no news, no press releases and no statements of any progress being made. The Chinese trade ministry made comments that their door would be open to any future conversations, but any deals made in the most recent discussions would be null and void upon the introduction of tariffs on June 15. That leaves just 11 days to hammer out a deal.
In the wake of this news, or lack thereof, corn prices found themselves down 10 cents. On average. Soybeans fell 18 to 19 cents, soybean meal was down $5 cattle dropped anywhere from 20 cents to $1.20, hog prices fell upwards to $1, and Class III milk fell 15 cents in its average from now through the end of the year to settle at $16.33.
While futures prices certainly took on a more bearish tone, the CME spot trade was a little bit more mixed. Blocks dropped 1/2 cent to $1.59 and 1/4. However, barrels remained unchanged. They finished at $1.52. Butter was also unchanged, it finishes again at $2.37 and 3/4.
Grade A nonfat dry milk, however, dropped a penny. It finishes at 81 and 1/2 cents. Dry whey, once more, was the standout. It rose a penny and 1/2 to finish at 40 cents per lb. Among all five products, only seven total loads traded among them.