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Nearly all benchmark prices moved lower over the past month. Prices for the July NY futures contract fell from values near 77 cents/lb in mid-April to those below 70 cents/lb most recently.

The U.S. Bureau of Economic Analysis (BEA) published preliminary estimates for GDP growth in the first quarter. Given the government shutdown and weather-related issues, expectations were that growth in the first quarter would have been weak.

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Benchmark prices either increased or were stable over the past month. Prices for the May NY futures contract increased, climbing from levels near 75 cents/lb in mid-March to those near 79 cents/lb recently.

Following a meeting of Federal Reserve officials last month, Fed Chair Jerome Powell said that U.S. fundamentals were strong and that the economy was “in a good place." Nonetheless, Federal Reserve forecasts for U.S. GDP growth were lowered, with the projection for 2019 dropping from 2.3% (December forecast) to 2.1%.