Chinese Trade News Enough To Rally Grains
Grain markets caught some excitement Wednesday when China announced that they were sending a delegation to Washington later this month. Soybeans rose 28 cents to $8.97 per bushel. Soybean meal was up $5.50 per ton to $335 per ton. Corn followed suit as it traded 3 ¾ cents higher while the wheat complex was 10-13 cents stronger. Hogs also had a nice day as they closed limit up.
CME spot product markets saw butter drop 2 cents to $2.33 per pound. Cheddar barrels traded 10 loads but closed unchanged at $1.675 per pound. Blocks fell a half cent to $1.655. The barrel to block spread is now inverted with barrels leading the way by 2 cents. Grade A nonfat dry milk added a penny and settled at 83 cents per pound following 4 trades and 7 uncovered bids. Dry whey finished unchanged at 44.5 cents.
Class III milk futures were lower on Thursday. August declined a penny to $14.99 per cwt. September through December ranged from 7 to 13 cents lower. The last four months of 2018 now carries an average of $15.97 per cwt. 2019 Class III prices were even to slightly negative. Class IV milk had September 2018 down 4 cents while March 2019 lost 6 cents and April 2, respectively.