Class III Futures Jump Double Digits
Butter volume exploded on Tuesday as 27 trades took place dropping the butter price 4 1/4 cents to $2.18 1/4 per pound. Butter has now moved 37 loads in two days this week. Barrels were also quite active with 13 trades, closing unchanged at $1.47 per pound. Blocks settled at $1.53 per pound, up a half cent on four trades. Grade A nonfat dry milk fell 3/4 of a cent to 67 1/4.
Class III milk markets jumped to double digit gains despite softer product performances. February milk closed unchanged at $13.44 per cwt. March through October added 11 to 18 cents while November and December were up 4 to 5 cents. The March through December average is now offering producers $15.18 per cwt. January 2019 traded 4 cents higher. Class IV milk had just February trade three times and a penny higher to $12.95 per cwt.
Grain markets traded higher once again on dryness in Argentina and in the southern plains. Argentina is the world's largest soybean meal exporter so meal futures jumped $9 per ton on the front end to $386 to $389 per ton. Soybeans followed suit as they gained 1 to 4 cents placing the new crop November 2018 price just 15 cents from last year's November 2017 high. Corn futures were up 1 to 2 cents and settled at $4 per bushel on the December 2018 contract. Chicago wheat increased 3 to 4 cents while Kansas City wheat jumped 10 to 11 cents.