Milk Tankers
June 15, 2018

Most Ag Related Markets Close Lower To Finish Week

 |  By: Know Your Market

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.