Markets React to China Tarriffs
News of Chinese retaliation to U.S. tariffs sent a ripple through agricultural markets on Friday's trade. Cattle prices dropped two cents a pound in nearby contracts. Corn markets were down 7 cents early in the session. Likewise, soybeans were down 20 and soybean meal was down $10 a ton. The grain markets, however, were able to rebound before the session closed with corn finishing up 1 1/2 cents, soybeans near or changed and soybean meal up 8 to $9 out through summer.
That was a luxury not afforded to the milk market, however, where the price of Class III milk from now through December finished seven cents lower at $15.15. That comes on the heels of a softer cheese trade as well where blocks dropped 2 cents to finish at $1.54 1/2 and barrels down a quarter cent to $1.51. Between the two of them they traded only two loads. Grade A nonfat dry milk was unchanged in Friday's session at 69 1/4 cents. Whey followed suit finishing at 28 3/4. Butter was the lone product in the spot trade to move higher. It rose a 1/4 cent and finished at $2.19 with 12 loads trading hands.
A quick look at this week's product price averages shows butter at $2.18 2/3, block cheese at $1.56, barrels at $1.52 1/4, grade A nonfat dry milk at 69 cents and dried whey at just over 29 cents.