Dairy Markets Finish Strong After Signing Trade Deal Agreement With China
China phase I deal was signed on Wednesday and included in other Ag products is Dairy. Dairy Powders have traditionally been an important product in US-China trade relations. The CME spot product market saw green for every product except Butter. Butter gave back some of its gains from Tuesday, falling 3 ¾ cents but had no loads trade hands. Cheddar moved higher both Blocks and Barrels gained 1 ¾ cents. Blocks didn’t trade any loads and had 1 bid at $1.88 ¾, barrels moved a whopping 15 Loads and finished at 1.45 ½ / lb.
Grade a Non Fat dry milk gained a penny to 1.28 ¼ with 9 loads trading hands, 2 bids and 3 offers. Whey finished the positive moves gaining half a penny to $0.36 1/2/lb on a smaller volume day, 5 loads traded, 11 bids and 1 offer remained.
Class III milk responded with gains across the board. January gained 5 to 16.99, February gained 23 to 17.08, and March gained 16 to 17.42. Our first half average is at $17.31/cwt
Class IV Milk was unchanged nearby – January at 16.78, February at 17.04, and March at 17.37/cwt.
Grain and Feed markets moved lower, March corn fell 1 ½ to 3.87 ½, March Soybeans fell 13 ½ cents to 9.28 ¾, and March Soybean meal fell $1.90 to trade just 10 cents over $300/ton.