First Half 2018 Class III Averages Below $15
Big trading volume showed up in the Class III futures market on Wednesday as prices fell sharply. November did trade 13 cents higher to $16.60 while December was down 12 cents/cwt. First half 2018 softened 11 to 19 cents. With Wednesday's trade, prices feel below $15 to an average of $14.97, down 17 cents from Tuesday.
The second have of 2018 also contained weakness. Second-half prices dropped 8 to 16 cents/cwt, leaving the full year average at $15.42. Trade in 2018 had February down 10 cents, April off 5 and May 10 cents lower.
Class IV markets were unchanged in 2017 and 4 to 10 cents lower from April through July. September dropped 6 cents and December was down 10 cents. All other months were unchanged.
CME spot product markets continued to soften as well. Blocks fell 3 cents to $1.60 1/4 while barrels were unchanged at $1.70. Butter also dropped 3 cents to $2.18 and nonfat dry milk gained a quarter cent on 7 bids to finish at 71 1/2 cents.
Tomorrow, USDA will update the market on the latest supply and demand numbers. The average analyst guess is for the corn yield to come in at 172.4 bushels and 49.3 bushels for soybeans. Stay tuned for updates on feed.