Has Our Rally Found Its End?
As we head into the Memorial Day weekend, the CME spot trade was lackluster. Cheese moved nice volume but held unchanged. Cheddar Blocks at 1.93 ¾ with 4 loads trading, 2 bids and no offers. Barrels at $1.89/lb. with a whopping 25 loads trading hands, 3 bids and 1 offer left. Butter lost 5 cents to 1.59 ¼ with 3 loads moving from seller to buyer, 1 bid and 7 offers.
Grade A nonfat dry milk fell a quarter of a cent to $1.01 ¼ with 12 loads trading, 5 bids and 3 offers and Dry whey held unchanged at $0.36 1/4/lb. with no trades, only 1 bid and no offers.
Class III took a breather, giving back some of its gains this week. May fell 2 to $12.18, June fell 60 cents to $17.03, and July moved 62 cents lower to $16.44/cwt. Second half moths moved 20-60 cents lower to average at $16.12/cwt
Class IV was unchanged in May at $10.71, June fell 17 to $13.20 and July fell 19 to $14.00 even. Second half months ranged from 17 lower to 9 higher.
Grain markets remain quiet as we head into the long weekend and closed markets on Monday. Corn fell a quarter of a cent to $3.18 even, Soybeans fell 1 ¾ to $8.33 ¼, and soybean meal gained $1.60 to $284.10/ton.