Market Continues To Lick Its Wounds
As the market continues to lick its wounds from the trade and tariff talks that dominate the market discussion, the White House announced Tuesday evening that they would consider another 200 billion in tariffs on Chinese imports.
Since soybeans continue to be the target of Chinese retaliation, prices dropped dramatically at Wednesdays trade, falling as much as 20 cents through the course of the session. Corn followed suit, dropping 6 and 1/2 cents, wheat another 14 cents.
Class III milk markets were buoyed by a stronger cash trade. The block market still remains unchanged, but barrels continued their stride higher, finishing at $1.35, a penny and ¼ cents over Tuesday's finish. Whey also advanced, moving to 41 cents, climbing ½ cents on just two loads.
As trade continues to be the dominant part of the discussion, tomorrow the USDA will release their world egg supply and demand estimates. This report is most closely followed by the grain sector, but also gives guidance as to what production looks like for milk. Given the higher crop condition scores, early corn yield estimates sit at 175 bushels to the acre, which is below last year's record of 176.6 but higher than the 174 number currently used in the balance sheet. The guess on soybeans is 49 bushels to the acre, very near to last year's 49.1 bushels and ½ bushel greater than the current estimate.