Crude oil broke below $80/ barrel, a value we have not seen since we turned the calendar to 2022. The US dollar also hit historically high prices that we have not seen in 20 years following the Federal Reserve’s interest rate increase.
Grain and Feed struggled to fight against a strong lower move in Crude. Corn finished 11 ½ cents lower to $6.76 ¾, soybeans fell 31 ¼ to $14.25 ¾ with Soybean meal $6 cheaper at $439.90/ton.
Class III Milk struggled to fend off the sellers. September held unchanged at $19.87, October fell 56 cents to $20.90 and November fell 57 to $20.70/cwt.
Class IV milk was a gentler move. September unchanged at $24.65, October gained 3 to $24.30 and November fell 2 cents to $23.55/cwt. Dec – March 23 was 15-33 cents lower.
The CME spot trade with mixed with Cheese struggling to follow through with Cheddar Blocks down 4 cents to $1.96, Barrels down ½ cent to $2.18 1/2/lb. Butter and powders, however had gains. Butter up ¼ cent to $3.13 ¼, Non Fat Dry Milk up 2 cents to $1.58/lb and Dry whey found a penny gain to $0.45/lb.
With Ever.Ag this is Jenny Wackershauser on Know your Markets.
