Grain Markets Traded Higher in Anticipation of Positive Trade News
As world leaders took their seats Friday to begin the G20 summit in Argentina this weekend, grain prices danced around all day but closed higher. Many sources have expressed optimism as President Trump meets the Chinese on Saturday to potentially solve trade issues. While just as many folks are saying we've been here before with no results, Monday's markets will surely be a watch point as fireworks take place. The market direction of those fireworks is the question. Soybeans on Friday rose 7 cents to $8.95, towards the top end of the recent range. Corn prices grew 6 cents in December 2018 4 1/2 in 2019. The wheat complex traded 8 cents higher in Chicago, 7 in Kansas City and 7 in Minneapolis.
CME spot product markets were slightly higher. Butter traded 2 cents higher to $2.24 1/4 while dried whey added a penny to 43 1/2 cents. Cheddar barrels moved four loads to increase its price to $1.31 1/2. Five uncovered offers were left. Cheddar blocks closed unchanged at $1.36 per pound and grade A nonfat dry milk traded a single load and 1/4 cent higher.
Class III milk prices had November down a penny at $14.46 and December lost 16 cents to close at $13.98 per cwt. 2019 markets ranged from 3 cents lower to 6 cents higher. Class IV 2019 markets had prices 3 cents lower to 12 cents higher.