Soybean Markets Fall, But Dairy Continues Its Rise
After the big news yesterday of China purchasing beans for the first time since the tariffs went into play, the soybean market fell Thursday.
Thirteen cents came out of the soybean market as it fell to $9.07 in the January contract. Corn declined a penny and closed at $4.03 and ¾ cents. Wheat say the nicest moved adding 9 and 1.2 cents pushing the market up to $5.36 cents per cwt. in Chicago, up 8 and ¾ cents in Kansas City and 5 and ¼ cents higher in Minneapolis.
CME spot product markets on Thursday had both cheddar blocks and barrels higher. Blocks jumped 4 and ¾ cents following a single uncovered bid to close at $1.39 and ½ cents. Barrels traded twice and 1 and ¾ cents higher to $1.29 and ½ cents. Nonfat dry milk added a penny to 93 cents while dry whey was up 1 and ¾ cents to 45 cents even.
Milk futures closed for the 3rdday in a row. December added 5 cents, January was up 9 cents and February strengthened 13 cents. The remaining months in 2019 ranged from 5 to 11 cents higher for Class III. Class IV marked had very similar results.