Grain Markets Erratic Ahead Of G20 Summit
In leading up to the G20 summit beginning this Friday in Argentina, grain markets have acted and traded in an erratic way. That can be seen mostly in the soybean market where President Trump and the Chinese President plan to meet on trade. After falling 19 cents on Monday, Tuesday regained 13 cents of those losses while February added 15 cents. January beans closed at $8.90 1/2. Soybean meal was also up $3 per ton at $307.
Corn traded 4 cents higher to $3.60 1/2 per bushel. The wheat complex made gains of 6 cents in Chicago, 8 in Kansas City and 2 in Minneapolis. Expect similar trade as we enter the last two days this week and into early next week.
CME product markets had butter 1 1/2 cents lower at $2.20 per pound and cheddar barrels down a penny. Blocks added 1/2 cent while grade A nonfat dry milk and dry whey were unchanged respectively.
Class III milk prices closed with modest gains. December traded 2 cents higher to $14.06 per cwt. January through December 2019 ranged from a penny higher to 10 cents stronger. The first half 2019 average now stands at $15.06 per cwt while the full year is offering $15.66. Class IV markets were unchanged to 9 cents higher.