The majority of commodity markets jumped following news of a coming trade deal between China and the U.S. to avoid a trade war. Specifics are not yet determined, but soybeans, cattle and dairy traded much higher. Soybeans strengthened 25-26 cents, cattle added $2.50 per cwt.
Dairy markets were up 15-20 cents coming into the cheese trading and sustained that move after a solid session in Cheddar blocks and barrels. Barrels closed at $1.57 and blocks closed at $1.64. Butter followed suit as it rose 5 cents to $2.435. Grade A Nonfat dry milk grew a quarter cent to 85.5 cents while dry whey closed unchanged at 37 cents even.
Class III milk futures ranged from 8-24 cents higher June through December 2018. January 2019 – August 2019 settled 1-5 cents higher. Class IV milk added 14-28 cents June through December 2018 and 2-11 cents in the first quarter of 2019.
You can find the full article on Farm Journal's website HERE.
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