Milk and Commodity Prices Show Growth
Commodity markets on Wednesday were mainly higher across the board.
Crude oil bounced another $2.40 and closed near $52 per barrel. After the initial drop of $30, crude has now recovered a third of the falloff. This has supported commodities. Corn added two cents to $3.82 on the March board while December corn closed to $4.04 per bu. Soybeans added five cents following rumors of Chinese and U.S. trade negotiations progressing.
New crop 2019 closed at $9.62 and a half cents and eight and a half cents from the peak previously put into play at $9.71. Soybean meal added $1.80 per ton to $320 per ton. The wheat complex was mixed ranging from a half cent lower to two cents higher. Cattle markets lost 50 cents per cwt. in both the fat and feeder markets.
CME spot product markets saw barrel cheese lost three and a quarter cent after eight loads traded. Barrels settled at $1.24 and a half per lb. Blocks fell a penny to $1.37 per lb. Butter and dry whey both added a half cent Wednesday. Butter closed at $2.23 and a half while whey ended at 48 three-quarter per lb. Grade A nonfat dry milk continues to climb as it gained one and a quarter cent to $1 and a quarter.
Class III milk ranged from five cents lower to seven cents higher. Class IV milk was mixed as well. February added three cents, March was up 13 and April lost three cents.