Milk Markets Move Higher to Kick Off the Week
The dairy complex kicked off the week in a very quiet way as butter was the lone product to change in value. Butter added 3 cents on just one trade and ended at $2.06 ¾ lb. Dry whey moved 10 loads and Grade A nonfat dry milk exchanged 3. Cheddar blocks and barrels ended up at $2.01 ½ and $2.33 per lb., respectively.
Milk markets traded higher following product trade. November jumped 16 cents to $20.18 per cwt and December was up 7 cents. 2020 months settled 6-12 cents higher as well. First half 2020 markets are offering producers $17.27 cents per cwt. Class IV markets added 5-15 cents in the near-term months.
In broader ag markets, the corn market lost 4 cents to $3.73 per bu., soybeans weakened 14 cents to $9.17 per bu. in the January contract, and wheat was down 4 in Chicago, 1 in KC, and 4 in Minneapolis. Fat cattle added 80 cents per cwt feeders were up $1.20, and hogs were mixed. The energy complex had crude oil down 30 cents at $56.90 per barrel and heating oil was even on the day at $1.91 per gallon.