Class III Can't Sustain Its Rally
Class III milk rolled in this week looking to continue its momentum higher that ended last week with. Futures traded as high as 30 cents stronger before the CME spot dairy auction where bids found initially but not for long.
Cheese prices ended up falling 4 cents in the barrel on Monday to $1.46 per lb. three loads exchanged hands. Blocks declined a half cent to $1.81 and a half on four trades. Butter added 5 and a half cents to $1.54 per lb., with six loads moving from seller to buyer. Grade A nonfat dry milk added 1 and a half cents to 98 while dry whey was up 1 and three-quarter cents to 34 and a quarter per lb.
Class III milk couldn’t sustain its rally following spot as futures dropped 44 cents in September to $16.44. Fourth quarter prices fell 15-23 cents while 2021 was up slightly. Class IV prices traded around 15 cents higher.
Grains continued its rally following last week’s USDA report and Iowa storm damage. Corn rose 6 and three-quarter cents to $3.44 and three-quarters. Soybeans jumped 16 and a half cents to $9.15 per bushel.