Commodities Take A Hit And Prices Pay The Price
Commodities across the board were lower during trade on Tuesday. The corn market lost 2 cents and settled at $3.64 and ¾ cents per bu. Soybeans softened 5 and ½ cents to $8.33 and 1.2 cents, the lowest price we’ve seen in 5 weeks while soybean meal fell 2 and ½ cents to $3 per ton. Wheat was soft as well. Chicago dropped 8 cents, Kansas City 7 cents and Minneapolis was down 4 cents per bu.
Fat cattle traded a half cent per pound lower and the feeder cattle price was reduced also. Crude closed off 90 cents and diesel was down 2 and 1.2 cents.
CME spot product markets were once again highlighted by the results in the dry whey market. Whey traded 9 times and fell 1 and ¾ cents to 45 and ¼ cents per lb. Grade A nonfat dry milk was unchanged at 86 and ¾ cents despite a very active session. Twelve loads moved while 8 bids and offers were left uncovered.
Butter was also unchanged at $2.22 and a half cents per lb. Neither cheddar blocks or barrels traded Tuesday. Blocks set back a quarter cent and $1.51 and ¼ cents and barrels gained 1 and ½ cents to $1.24 and ¾ cents following a single bid.
Class III milk results were lower. November dropped 10 cents and December was down 8 cents. 2019 prices ranged from 4-8 cents lower in the first half and 1-6 cents softer in the second half. Class IV had November through January even on the day, March up 6 cents, April 4 cents and May-November was down 5 cents.