Better Weather, Worse Prices
While the grain markets await Friday's release of the USDA’s acreage report, improving weather conditions drove corn and soybean prices lower on Thursday. While weather wasn't a driving force of conversation in the dairy markets, prices of Class III milk did also fall in the period of July through October. That happened despite a stronger spot trade.
Barrels had another robust trading session. Following yesterday's big move prices rose another 8 cents on Thursdays, trade following 13 loads trading hands. Barrels now finished at $1.33 and ½ cents, that narrows the spread between blocks which finished at $1.51 and ¼ cents. They rose 2 and ¾ cents but did not trade. Whey prices moved a penny higher back to 41 and ¼ cents, just ½ cents off of its most recent highs. It did not trade either.
Butter dropped 1/4 cent to $2.25 cents after a handful of trades and Grade A nonfat dry milk dropped the 1/2 cent to 74 and ¾ cents with just 2 loads trading. When the dust all finally settled, the average price of Class III milk futures from now through the end of the year finished that $15.53 cents, just 2 cents higher than Wednesday's finish. Class IV moved in the opposite direction shedding a penny and finishing at an average price for that same period of $14.73.