Class III Continues Its Climb
The CME Spot product trade on Wednesday was mixed as 4 of the 5 products traded. Starting off, butter fell 1 cent and finished at $2.26 ½ cents/lb. Dry whey fell ¼ of a cent to 32 cents. Grade A Non Fat Dry Milk was left unchanged at 96 ¼ cents. Blocks rose another 4 cents finishing at $1.73 cents/lb. Blocks have now moved 16 cents higher in the past 3 sessions with only a single load traded. Barrels were also up on the day finishing up ½ a cent to $1.59 ¼ cents trading 6 times.
Class 3 markets were slightly higher seeing gains of 1 to 7 cents. March settled up 2 cents to 15.08, April finished up 7 cents to 15.69 and may finished up 3 cents to 15.48. Months June through October were left unchanged to 5 cents higher.
Grain markets fell in preparation of the prospective plantings report coming out on Friday. Corn finished down 2 to 3 ½ cents and Soybeans fell 11 to 13 cents. The Wheat complex was slightly higher. Chicago wheat rose roughly ½ a cent, Kansas city rose 1 ¼ cent and Minneapolis wheat rose ½ a cent to 3 cents.