Milk Markets Bounce Higher
The dairy complex caught another bounce on Thursday. CME spot products watched cheddar blocks and 5 ¼ cents to a daily settlement price of $1.94 per lb. Two bids were responsible for the run today. Barrel prices also grew 4.5 cents to $1.53 per lb., 9 loads moved for the day and 9 bids were left unfilled. Butter lost a penny and ended at $1.89 ¾. Dry whey declined a quarter cent to 36 ¼ while Grade A nonfat dry milk traded a quarter cent higher with a settlement price coming in at $1.28 ½ per lb.
Class III milk futures months traded 22 cents higher in February, 14 stronger in March, and 8 better in April. Remaining months in 2020 were moderately higher. Class IV received a little shot in the arm as well ranging from 4-16 cents higher in all months.
The grain complex was pummeled on Thursday following the Phase One deal that was signed on Wednesday with reality not meeting expectations. Corn dropped 12 cents in old crop and 8.5 in new crop. Soybeans fell 4 cents while the wheat complex softened 8 in Chicago, 11.5 in Kansas City, and Minneapolis was also down 4.