Markets Sold Off To End July
Red was the predominant color in Wednesday’s agricultural markets. As we close out July, we saw sell offs in not just the dairy markets, but grains as well. The CME spot product saw only butter move higher, 1 load traded hands and butter gained 1 ¾ cents to $2.34 ½. Cheddar blocks held unchanged at $1.82 with no loads moving, but cheddar barrels lost 2 ½ cents to $1.69 ¾ with 6 loads trading hands and 4 offers left.
Grade A nonfat dry milk fell a quarter of a cent to $1.03 ½ with no loads trading, 2 bids, and 4 offers. Dry whey was unchanged at $0.34 per lb. with no loads trading, 2 bids, and 1 offer.
Class III milk fell sharply Wednesday. August fell 22 to $17.25 per cwt, September fell 12 to $17.68 and the August - December average at $17.42. 2020 also saw a dip, losing 3-8 cents in first quarter and January – March 2020 averages at $16.64 per cwt.
Class IV milk followed the gain in butter, August gained 5 cents to $16.76, September gained 4 to $17.04 and the August – December average is at $17.09 per cwt.
Feed prices improved as sell signals fed a bearish market. December corn fell 11 cents to $4.10, November soybeans fell 15 ¼ to $8.81 ½, and August soybean meal fell back below $300 per ton, losing $2.10 to $298.20 per ton.
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When: NOV. 11-13, 2019
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