All Product, Milk Markets Move Higher
While this may come as a surprise to many in the upper Midwest the USDA reported on Tuesday afternoon that 91% of corn that was intended to be planted is planted. This is within 2% of the five-year average and within 2% of last year’s pace.
Additionally, the USDA reported that 65% of the corn that has emerged is either in good or excellent condition, also a surprise to many. The corn market regained 5 cents of the 7 it lost in the day prior.
Also gaining on Wednesday was the CME spot trade where all four products moved higher, with butter in the lead, up a nickel to finish at $2.41. That brings the spot market just 2 cents from the high it established two weeks ago.
Blocks were up 1 ½ penny to finish at $1.74 1/2. Barrel cheese traded 12 loads to move ½-cent higher and finish at $1.54 ½. Grade A nonfat dry milk was up 2 cents to finish at 95 ½ cents.
Class III markets responded to the positive news by moving another 15 cents higher. The average for all months from now through December stands at $17.29. Class IV markets responded to the move in butter with all contracts for now through the end of the year moving up an average of 30 cents.