The Bull Returns To The Milk Market
The bulls return to the grain market and milk as we find support in Cheese. The weather that tore through the Midwest on Monday has pushed corn and soybeans back higher. What had been a quiet, slowly eroding market saw Corn jump 11 ½ cents on the December contract to 3.38 ¾, November Soybeans peaked above $9 for a bit to settle 16 ½ higher at 8.99 ½ and Soybean meal gained $7.90 to 290.10/ton.
Class III Milk also moved higher for the fourth day this week. Aug gained 25 cents to 19.78, Sept gained 30 to 16.59, and October gained 35 to 17.17/cwt. 2021 markets were quieter, moving unchanged to 12 higher.
Class IV also gained momentum. August unchanged at 13.16, Sept gained 4 to 13.24 and Oct 18 to 13.90/cwt.
The CME spot trade saw cheese gain for a second day. Cheddar blocks traded 3 loads and jumped 9 ½ cents to 1.70/lb, Barrels moved 8 loads to 1.50, 3 ½ cents higher. Butter lost 2 ½ cents to 1.45/lb.
Non Fat Dry milk saw a nice move higher with 4 loads trading hands. Gaining 2 ¾ cents to $0.97/lb and Dry Whey failed to move a load and held unchanged at $0.31/lb.