A series of tweets early in the day by President Trump announcing progress in the discussion with China. Later an announcement came out that China would reduce the tariff on automobiles imported to China from the United States from 40%, as it stands now, back to 15%. And while nothing was said about agricultural products the hope of progress helped milk prices climb.
At the Chicago Mercantile Exchange Tuesday Class III milk futures turned higher partly because of optimism for 2018 Farm Bill dairy policy. December up seven cents at $13.72. Class III futures rose more than 20 cents in the first quarter with the first half average rising 19 cents to $15.04. January 24 cents higher at $14.05. February up 20 cents at $14.42. March up 22 cents at $14.96. Class IV markets saw similar activity, rising six cents in its average for the first half of 2019 to finish at $15.37.
Barrels were up $0.0450 at $1.2525. Fourteen trades were made ranging from $1.2150 and $1.2225. Blocks were unchanged at $1.33. One trade was made at that price. Dry whey was down $0.0050 at $0.4325. Two trades were made at $0.4375 and $0.4325. Butter was down $0.0025 at $2.1975. Nonfat dry milk was up $0.0275 at $0.9250. Four trades were made ranging from $0.90 to $0.9250.
