Corn Markets Take A Sharp Turn
The end of the first quarter brings with it an interesting trading day. The biggest news came from the grain trade and the planting intentions report released on Friday. We saw an estimated 4% increase in corn acres from 2018, and a drop of 5% in soybean acres. Wheat also saw a decrease in acres by 4%.
This drove the corn market down sharply. May corn fell 17 ½ cents to $3.56 1/2 . Soybeans had a choppier trading day but ended off 5 ¼ cents to $8.84 ½ in May trading. July Soybean meal was only down slightly finishing the day at $310/ton even.
The CME spot product trade was mixed. Limited trades in the cheese market drove this week’s prices. Cheddar blocks were down 7 ¼ cents in Friday’s trading on zero trades. Finishing with a weekly average 11 cents above last week at $1.68 ½ /lb. Cheddar Barrels traded a penny higher Friday, finishing with a weekly average of $1.59/lb, 5 cents higher than last week on 41 trades.
Butter was off a half cent on Friday and finished with a weekly average of $2.26 ½, off about a penny from last week. Grade A non Fat dry milk concluded the week unchanged and Dry whey was up a penny ending with a $0.32 ¼ /lb average.
Class III milk went out of like a lamb compared to bigger moves we saw earlier this week. March finished the week at $15.06/cwt and April fell 2 cents Friday to $15.61/cwt. The second half was mixed from 2 cents lower to 3 cents higher, finding a blended average at 16.30.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.