Sellers Pull Floor Out of Markets
The sellers showed up in all ag commodity markets on Thursday.
In the milk markets, prices dropped 4 cents in November and 27 cents in December. November closed at $16.80 while December was at $15.46 per cwt. First quarter 2018 dropped 18 to 21 cents while second quarter prices declined 5 to 9 cents. The first half of 2018 closed Thursday with an average of $14.90 per cwt. Second half prices closed 6 to 7 cents lower in the 3rd quarter and down 3 cents in November. October and December were unchanged. The full year of 2018 now sits at an average of $15.30 per cwt.
Class IV markets had limited activity as March traded three contracts and 3 cents lower. All other months were unchanged.
CME spot product markets were led lower by sellers in the barrels market. With 18 loads trading, 4 1/4 cents came out of the market to close at $1.65 3/4. Blocks softened 3 1/2 cents to settle at $1.68. Butter fell 1 1/2 cents to finish at $2.24 1/4 while grade A nonfat dry milk was unchanged at 74 1/2.
Other ag markets saw corn down 18 3/4 cents to set a new December contract low of $3.36 1/4. Soybeans were down 4 cents and soybean meal declined $1 per ton. Fat cattle dropped 60 cents/cwt and feeders were 30 cents/cwt softer.