May 15, 2019

A Bit of Butter Makes the Markets Better

 |  By: Know Your Market

Butter led the market again on Wednesday in the CME spot dairy product trade. Gaining 2 ¼ cent on 8 trades to finish at $2.37 ¼. Cheddar Blocks and barrels were mixed. Block fall a quarter of a cent to $1.65 3/4/lb and barrels gaining 1 ¼ cent to $1.61 1/4 with 4 loads trading hands. 

Dry whey continues to hold steady at $0.34/lb and had no loads trade and no bids or offers, Grade A Non Fat Dry Milk lost ¾ of a cent to finish at $1.05/lb even. 

Class III milk showed some strength in Wednesday’s trading. May moved lower late in the day falling  2 cents to $16.27/cwt, June gained 5 cents to $16.24 and July gained 10 cents to 16.41. Second half months gained as many as 13 cents to finish with an average of $16.68/cwt

May Class IV milk gained 3 cents to $16.20/cwt, June was unchanged at 16.82, and Second half averaged $17.35/ cwt.

Grain markets were up strong early following yesterday’s gains, however lost some momentum as we closed trading. May corn was up ¾ cent to 3.69 ½, May Soybeans finished up 4 to 8.35 ½ and July Soybean meal gain $1.80 to $299.80/ton.

For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.