Markets Down Across the Board
CME spot dairy products continued their slide on Monday as cheese and butter both closed lower. Cheddar blocks declined 8.5 cents to $1.565 per pound on 4 trades. Barrels softened 7 cents to $1.4875 per pound with 13 loads trading hands. Butter closed at $2.5925 per pound, down 3.5 cents from Friday on three trades. Grade A nonfat dry milk was unchanged at 84.5 cents and left 4 bids and one offer hanging.
Class III futures finished 15-21 cents lower in September through December on Monday. 2018 prices also weakened as January through March contracts were 8-9 cents lower while June through December contracts were down 2-13 cents. April and May were unchanged.
Class IV milk futures saw November down 14 cents and January 2018 a penny softer.
In other markets, corn continued to drift and created new contract lows on Monday. September settled at $3.36 cents while December moved to $3.51 cents per bu. With the Pro Farmer Crop Tour all wrapped up and an average yield estimate of 167.1 bu. per acre, cheaper feed for producers purchasing corn has been the result. Currently, 2018 is offering sub $4 corn, while 2019 prices are just north of $4 per bu.