Grain and Dairy Markets Make Waves
A big wave of fund activity swooped into the grain markets on Tuesday.
The corn market sold off 7 and a quarter cent in the aftermath pushing March 2019 corn down $3.96 and a half cent. Soybeans began Monday night’s session 4 cents higher but ended up breaking through $9 on the March contract and extended its move lower to a settlement of $8.93 and a quarter, down 10 cents. Soybean meal lost $3 per ton. Wheat declined 3-4 cents per bu. as well.
Class III milk saw little change as results ranged from 4 cents higher to 4 cents lower. Class IV was also mixed as months finished as high as 7 cents and as low as 7. CME product markets watched cheese prices dropped 2 cents in the barrel and a half cent in the block market, respectively. Grade A nonfat dry milk added a quarter cent a dry whey was up a half cent. Butter closed unchanged.
Event 228 of the Global Dairy Trade took place Tuesday as the overall index jumped 4.2%. Products to note moving higher included butter up 4.6%, cheddar 4.2%, skim milk powder strengthening 10.3% and whole milk power jumping 3%. Butter ended up at $1.88 and a half, cheddar at $1.59, skim milk powder at $1.09 and whole milk at $1.26, respectively.