Monday Markets Settle Down Following China News
Monday markets were quieter following China trade news on Friday. White House announced phase I of a trade deal with China on Friday that had markets reacting during the open of trading Sunday night, however as China followed up saying they needed more time to work out details, we saw a step back from Friday’s gains in the grain and feed markets. December corn was unchanged at $3.97 ¾, November soybeans gained 4 ½ to $9.40 ½ and October soybean meal fell $0.90 to $306/ton.
Class III milk was mixed after opening higher Sunday night. November was as high as $18.84, but finished the day down 9 cents to $18.62/cwt. October fell 5 to $18.59. December and into 2020 saw gains however – December up 7 to $17.95, Jan – March were up 5-6 cents.
Class IV milk was unchanged in October at $16.37, November gained 19 to $16.73, and December gained 11 to $16.67/cwt.
The CME spot product market was also mixed. Butter gained back 1 ½ to $2.11/lb with 8 loads moving, 0 bids, and 9 offers left. Cheddar blocks fell 2 ¾ cents to $2.07 ¼ with 5 loads moving. However cheddar barrels gained a quarter of a cent to 2.02 ½ with 2 loads trading, 1 bid and 1 offer.
Grade A Nonfat Dry milk gained a quarter of a cent to $1.16 ¾ with 4 loads moving, 3 bids and 6 offers. And Dry whey saw 7 loads move and fell half a cent to fall to $0.29 ¾ with 5 bids and 3 offers.