Commodities Tumble Lower
When taking a global view of the markets that are closest to us in agriculture, all were lower on Thursday except for a few. Crude oil, oats, butter and whey made the short list of those with positive gains. Outside of those, broad-based selling entered the commodity arena and put pressure everywhere we looked.
Corn was approximately 4₵ lower, soybeans dropped 10-15₵, soybean meal was off $4-$5, wheat dropped 6₵, and cattle, feeders and hogs all edged lower as well.
Class III milk markets were down 8-10₵ throughout the first half of the year with the second half down 5-10₵. Class IV milk was down 20-25₵ in the months that traded out to July. August and September were down approximately 6₵.
Looking at the spot trade, butter was unchanged after a bid and offer rested on either side of the market, prices finished at $2.1575. Block cheese was down another ¾ ₵ to pierce the $1.60 threshold that has served as support over the last week. It traded three times and finished at $1.5975. Barrels were unchanged after four trades, holding the line at $1.65. Grade A powder was down 3₵ to 88 ₵ per pound, that puts it within 3 ¼ ₵ of last fall’s low.