Deal or No Deal with China?
The Class III milk market was supported on Wednesday with a higher cheese trade while Class IV milk fell as butter declined in price. Blocks added a penny to $1.58 following one trade, one bid and three offers. Barrels gained 2 cents to $1.45 per lb. as 10 loads moved from buyer to seller. Butter dropped 3 and three-quarter cents to $2.25 and three-quarters as eight trades, five bids and three offers were presented. Grade A nonfat dry milk and dry whey were both unchanged. Nonfat dry milk ended at 97 and a half cents per lb. while dry whey settled at 35 cents respectively.
Class III milk futures closed with March up 7 cents and April 14 cents higher to $15.15 per cwt. Beyond April months, ranged from even to 9 cents. Class IV trade had April to July 5-13 cents softer.
Grain markets on Wednesday continued to trade political game show that has developed over the last couple months called, “Deal or No Deal with China?” Contestants in today’s daily show were pushing the “no deal” button as Corn sold off 3 cents, soybeans were down 11, meal lost 3 and a half bucks per ton and wheat weakened 12 cents in Chicago and Kansas City.
Livestock was down as well with fat cattle a half cent per lb. lower, feeders down a penny and hogs off a half cent.