Butter Leads the Way as CME Markets Fall
All CME spot product markets fell on Wednesday with butter leading the way. Butter traded 7 loads and 6 and ½ cents lower to close at $2.38 and ½ cents per lb. Cheddar barrels declined 1 and ½ cents with 7 trades and 6 uncovered bids coming to the market. Barrels settled at $1.55 per lb.
Block lost ¾ of a cent to finish at $1.63. Eight trades, 5 bids and 2 offers showed up. Grade A nonfat dry milk weakened a penny and ½ to 84 cents per lb. while dry whey softened 1 and ¼ cents to 36 cents even.
Class III milk markets were lower in 2018. May finished unchanged, June fell 9 cents and July through October months were down 1-6 cents. November 2018 dropped 10 cents while December declined 11 cents respectively.
At the close, the second half 2018 average was offering producers $16.75 cents per cwt. Class IV milk hand no trades and settlement prices were unchanged from Tuesday.
A new high for December new crop corn in 2018 was witnessed on Wednesday. Corn traded as high as $4.26 and ¾ cents per bu., up 3 and ¼ on the day. With today’s move, the old contract high of $4.29 and ½ is well within reach.
Soybeans jumped 9 and ¾ cents to place itself within 11 cents of our $10.60 November high. Wheat markets were up 8-12 cents as well.