The grain markets reversed course in a major way with soybeans leading the charge lower. March soybeans took a nosedive of 58.50 cents down to $13.1175/bushel. March corn lost 23.75 cents to settle right above $5.00/bushel. March soybean meal fell $16.60 to $421.60/ton. March Chicago Wheat tumbled 26.25 cents to $6.3450/bushel.
Barrels were able to find support in the CME Dairy Product Trade, gaining back ¼ of a penny to fall roughly 15 cents on the week. 8 trades took place in the barrel and block trade. Blocks lost 4.25 cents to $1.61, giving up 19 cents on the week. Grade A Nonfat milk was down 1 to $1.17255 while Dry Whey is at $0.54/lb.
Class III milk futures were finally able to see green ink to end the week. January milk gained 1 penny to $16.16/cwt. February inched 1 cent lower to $16.45. We are now $3.50 off the peak set just days ago. March rose 27 cents to $17.60/cwt. March through December is trading relatively flat across the curve, ranging from $17.30-$17.83/cwt.
Cattle and hogs traded strongly to end the week. February live cattle jumped $2.62 to $116.72/cwt. March feeder cattle soared $5.00/cwt to $144.15/cwt. February hogs gained $1.82 to $69.92/cwt. March crude oil finished $1.06 lower to $52.07/barrel.
