Butter Gives Back Gains
Another round of exciting markets where witnessed in the grain markets on Thursday. Corn jumped 8 to 8 1/2 cents, while soybeans added 15 cents of value back to its market. Corn finished at $4.13 1/4 per bushel on new crop and soybeans settled at $10.34 for November. Minneapolis led the wheat complex higher as it shot up 14 cents. Kansas City added 12 cents and Chicago was up 8 cents.
CME spot product markets on Thursday were led at once again by the butter market. Butter fell 4 3/4 cents after 13 loads traded and closed at $2.28 3/4 per pound. Cheddar blocks added 1/2 cent and barrels settled a quarter-cent lower at $1.44 3/4. Grade A nonfat dry milk traded twice and 1/4 cent higher to 72 cents per pound. Dried whey strengthened a half cent to 28 1/2 cents per pound on one trade.
Class III milk prices were mainly lower on Thursday. Second quarter prices fell 6 to 8 cents and the second half prices ranged from 2 cents higher to 4 cents lower. January fell three cents and February through June were fractionally higher. Class IV milk markets settled even to four cents higher.