Markets Slide On Tariff News
Just about every market in the ag space fell in Thursday’s trade. On the dairy front, Class III milk prices lost 3 to 7 cents in 2019 with the exception of September closing unchanged. 2020 prices also fell ranging from 5-15 cents softer January through July 2020. Class IV milk watched the five remaining months decline 7-17 cents per cwt.
CME spot product markets had barrels a half cent lower at $1.6925. Eight loads moved from seller to buyer. Grade A nonfat dry milk lost 1.5 cents and settled at $1.02 per lb. Butter, cheddar blocks and dry whey were all left unchanged in Thursday’s session.
A tweet that was released by President Trump during trade sent many other markets into a sputter. The tweet mentioned that since there was no deal struck in the latest meetings in China this week, an additional $300 billion dollars of Chinese goods will be tariffed at a 10% rate. That is on top of the $250 billion already with tariffs in place at a 25% rate. Corn lost 7.25 cents to $4.025 per bu., even dipping below $4 for the first time since May 17. Soybeans dropped 16.25 cents to $8.6525. The wheat complex fell 12 cents in Chicago, 7 in Kansas City, and a penny in Minneapolis. Fat cattle added a buck, feeders softened a buck and hogs were down $3.50 per cwt.
Other markets to note were crude losing $4.60 per barrel, diesel down 11 cents per gallon and the stock market off 312 points.
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