Soybean Meal Prices On A Tear
The excitement in commodity markets on Wednesday surrounded the feed grains. Corn was able to take out resistance levels of $3.70 on March and $4 December corn. March closed 4 cents higher at $3.74 1/2 while December settled at $4.01 1/4.
Soybean meal continued its rip roaring tear as it traded as high as $399 per ton on the May contract before closing at $394 per ton. Argentina's dry weather has been the driving force behind meal as the largest meal exporter. Soybeans traded 7 cents higher in March but only a quarter cent higher in new crop.
Chicago wheat ran 11 to 21 cents higher, Kansas City added 14 to 19 and Minneapolis jumped 9 to 13 cents.
Product markets were unchanged mostly on Wednesday. Butter was the lone product to change in value, losing a half cent to settle out $2.17 3/4. Blocks stayed at $1.53, barrels at $1.47 and Grade A nonfat dry milk at 67 1/4 cents per pound.
The February Class III and IV prices were announced on Wednesday. Class III settled at $13.40 per cwt while Class IV came in at $12.87 per cwt. Class III futures traded mixed ad March through June fell 1 to 7 cents and July through December ranged from 2 cents lower to 3 cents higher. Class IV milk saw 10 contracts trade in the second half, down 3 cents to $14.65 per cwt.