Grain Markets Move Higher On Freeze Fright
The feed market was bumped higher on Tuesday as fear of a big freeze has entered the discussion. 15 to 25 inches of snow are predicted to fall mainly in the Dakotas and Western Minnesota while colder temperatures are expected to creep into the northern Midwest.
The corn market reacted by jumping 8.75 cents to $3.95 ¾ bu. Soybeans traded 5.25 cents stronger to $9.20 ½. The wheat complex gained 11 cents in Chicago, Kansas City added 8 cents and Minneapolis was up 5 cents.
Milk prices achieved higher closes in Class III following strong cheddar cheese spot session. Barrels traded 4 loads and 4.75 cents per lb. higher to $1.87 ¾. Blocks added 2.5 cents and settled at $2.01 ½ per lb. after a single trade. Butter lost 2.5 cents and closed at $2.10 ¼. Dry whey and nonfat dry milk were both unchanged ending at 31 ¾ and $1.15 per lb. respectively. Dry whey saw another 10 loads move from seller to buyer.
Class III results had the 4th quarter 14-23 cents higher while first half 2020 ranged from even to 9 cents stronger. The first half average closed Tuesday with an average of $16.85 per cwt. Class IV was down slightly.