Most Ag Related Markets Close Lower To Finish Week
With the exception of the stronger cattle trade on Friday, most ag related markets closed lower to finish out the week. Late Thursday night, President Trump approved $50 billion in tariffs on Chinese goods starting July 6,2018.
While actual products aren’t completely known at this point, soybeans is a product at the top of lists as a potential target. Dairy hasn’t been thrown into the mix at this point but could potentially be.
Corn fell 2 cents, soybeans dropped 20 cents, and wheat weakened 3-8 cents. CME spot product markets fared pretty well despite the political rhetoric. Butter gained ¼ cent to $2.35 and ¼ cents after 7 trades while blocks were ½ cent higher at $1.59 and ½ cents following 8 trades.
The cheddar barrel was the biggest loser on Friday as it was down 3 cents to $1.45 per lb. Grade A nonfat dry milk and dry whey finished unchanged. Nonfat dry milk settled at 78 and ¾ cents and dry whey was at 41 cents per lb.
Class III milk dropped 13-28 cents in the second half of 2018, 11-14 cents in the first quarter of 2019, and 3-4 cents lower in April-July. Class IV was unchanged in every month.