August 26, 2019

Livestock, Class III Markets Rally on Japan Trade Deal News

 |  By: Know Your Market

The butter market continued its recent sell of on Monday as it lost another 3 cents per lb. after 4 loads moved from seller to buyer. In the end, butter closed at $2.1975. Grade A nonfat dry milk was the lone other product to change in value gaining a quarter cent following 10 trades, 6 uncovered bids and 4 offers. Blocks traded 4 loads and was left unchanged at $1.88 per lb. while barrels moved 6 loads but settled at $1.665 per lb. Dry whey ended at 39.5 cents per lb. 

Class III trade was favorable on Monday, while Class IV was the opposite. August added a penny to $17.60 while September was up 3 cents, and fourth quarter 2019 grew 9-12 cents per cwt. The September through December Class III aveage closed at $17.25 per cwt. 2020 prices ranged from 3 to 8 cents higher January through September in Class III. Class IV markets saw weakness of 6 cents in both September and October while November through January closed 13-19 cents lower. The Class IV September through December price average dropped to $16.39 per cwt. 

Grain prices had mixed results as corn added a half cent in new crop, soybeans traded 10.5 cents stronger and wheat declined 2-3 cents across all 3 complexes. Livestock had the best results from Monday’s trade as fat cattle traded $1.50 per cwt higher, feeders jumped $2 per cwt and hogs were limit up in the October contract.