Class III Prices Creep Up
Cattle markets have been on fire ever since the middle of May. On May 18, the August live cattle contract bottomed out at $98 per cwt and began its ascent to today’s settlement of $110 and ½ cents per cwt. The feeder cattle August contract is also up $16 per cwt. in that time frame. Lean hogs have taken the opposite as they have fallen $20 per cwt. in the last two and a half months.
CME spot product markets resulted in barrels gaining 1 and ½ cents to $1.58 and ¾ cents per lb. with just one uncovered bid and offer. Barrels traded 15 loads and a penny and ¾ cents higher to $1.47 and ½ cents. For the week, barrels moved 52 loads, which outpaced all the other products combined. Butter closed unchanged at $2.32 per lb. Grade A nonfat dry milk fell ½ cents to 82 and ¾ cents following 8 trades. Dry whey added ¼ cent to 43 and ½ cents per lb.
Class III milk futures settled 7 cents higher in August and 3 higher in September, respectively. Fourth quarter 2018 traded 3-11 cents lower. 2019 prices declined 5-10 cents on Friday. Class IV markets were unchanged.
Grain markets were mainly higher to close out this week. Corn gained 3 cents with new crop 2018 finishing at $3.84 and ¼ cents per bu. The 2019 December price settled at $4.10 and ¾ cents. November 2018 soybeans ended at $9.02 per bu.