Grain Markets Continue To Slope Down
After being pummeled on Friday following the release of the USDA’s World Agricultural Supply and Demand Estimates, grain markets continued to lose ground Sunday evening but changed course Monday in the soybean market while wheat and corn stayed lower.
Soybeans added 7 cents to the new crop prices as it closed at $8.68 and ¾ per bu., 17 and ½ cents off of the lows. Corn declined 1 and ¼ to $3.70 and ½ cents per bu. The wheat complex experienced losses of 13 cents in Chicago, 19 cents in Kansas City, and 16 cents in Minneapolis.
Product markets during the CME’s spot session had a positive outcome. Barrels traded 17 loads and 2 and ¾ cents higher to $1.64 and ¾ cents per lb. The block price grew by ¼ cent despite just one trade to $1.66 per lb. The block to barrel spread now stands at 1 and ¼ cents.
Butter jumped 2 and ¾ cents on 2 trades to $2.36 and ¾ cents. Grade A nonfat dry milk and dry whey each settled unchanged. Class III milk futures traded lower the entire day. August milk fell 2 cents to $15. 02 per cwt. while September through December dropped 11-17 cents. The September through December average now stand at $16.14. per cwt.