U.S. Tariffs Now In Force
It's official. U.S. tariffs are now in force. Twenty-five percent tariffs will now be placed on $34 billion of Chinese imports, with another 16 billion still remaining as a possibility. Official word of retaliatory terrorists from China was not immediate, but later confirmed. Soybeans still remain their primary target, and despite their now absolute nature, the tariffs had little effect on the soybeans. Prices rose 38 and 3/4 cents on Friday to finish November soybeans at $8.94 and ½ cents. Corn followed suit, up 8 cents.
Despite the positive results in the grain markets, milk prices continue to erode. The average price of Class III milk from now through the end of the year finished at $15.12, 11 cents lower than Thursday's finish. That was led by a failing barrel market that dropped 3 and 1/2 cents to $1.24 and ½ cents. Blocks remained unchanged at $1.54 and ¼ cents. Whey prices also fell 1/4 cents, they finished now at 39 cents after just a single load traded hands.
Elsewhere in the CME spot trade, butter dropped a penny to finish at $2.17 while Grade A nonfat dry milk rose 3 cents to 77 and ¼ cents. Despite its best efforts, Class IV milk prices fell 3 cents in their average to $14.40 for the period from now through the end of the year