A Mixed, Bumpy Ride For Dairy Markets
The CME spot product market was mixed on Thursday as 4 of the 5 products traded. Butter was the only product that didn’t trade and was left unchanged at $2.28 ½ cents/lb. Both Blocks and Barrels jumped significantly higher back to levels we saw in late October and early November of 2018. Blocks finished up 5 ¼ cents to $1.51 cents even. Barrels finished at $1.37 ¼ up 8 cents on the day and traded 13 times. Grade A non fat Dry milk lost 1 cent to finish at 99 cents even. And lastly Dry whey lost 2 cents and settled at 37 cents even.
The Class 3 markets began the session lower and then moved higher after the product trade. Class 3 traded anywhere from 1 – 20 cents higher. For the front months, February was up 3 cents to 13.97, march was up 20 cents to 14.56, and April was up 16 cents to 14.79. The 1stand 2ndhalf averages are now at 14.68 and 16.25.
Class 4 markets were mixed to unchanged trading anywhere from 7 cents lower to 14 cents higher. February rose 5 cents to 15.95.
The grain markets moved lower due to funds squaring up positions before the WASDE reports tomorrow. March corn fell 3 ½ to 376^4. March beans fell 8 ½ to 913 ^2. The wheat complex fell 7 to 12 cents in Chicago, 6 to 13 cents in Kansas city and 5 to 8 cents in Minneapolis.