Markets Continue To Struggle
Commodity markets on Wednesday tumbled after improvements in prices were seen Monday and Tuesday. Corn fell 2.75 cents to $3.6475 per bushel. Soybeans lost 4.5 cents off the November contract to settle at $8.615. Soybean meal declined $4 per ton to $307.50. The wheat complex slipped 3 cents in Chicago, 4 in Kansas City, and 2 in Minneapolis. Fat cattle markets were down $1 per cwt and feeders $1.20 per cwt, respectively. Lean hogs softened $2 per cwt.
Dairy markets were unable to buck the trend Wednesday. Block cheese dropped 4 cents to $1.671 per pound. Barrels, dry whey and Grade A nonfat dry milk all closed unchanged. Class III milk markets on Wednesday were lower all day. October closed down 13 cents at $15.79 per cwt. November dropped 29 cents while December settled 21 cents lower. The 4th quarter 2018 average now stands at $15.90 per cwt.
2019 prices were down 17 and 14 cents in January and February respectively, while March and beyond closed even to 9 cents softer. At the close, the 2019 first half average sits at $15.90 per cwt while the full year is at $16.14 cents per cwt.
The settlement prices for September 2018 milk were announced Wednesday as well. Class III was announced at $16.09 per cwt. And Class IV at $14.81 per cwt.