Class III Keeps Its Momentum
Class III milk had nice gains on Tuesday in every month except February which fell a penny to $13.94. The remainder of 2019 had its fourth positive trading day to finish up as many as 20 cents. Jan – June average coming in at $14.86/cwt and Second half at $16.35. March Milk was once again the largest mover, finishing up 20 cents to $15.27. This continues a nearly 80 cent rally since its close on Feb 20th.
Class IV milk did not fair as well, weaker trading had forward month down7-27 cents, but March traded unchanged at $15.88.
The CME spot product trade had butter losing ¼ cent on no trades and only one offer to finish at $2.26 ½. Cheddar Blocks were up 1 ¼ cent to $1.61 on 2 trades and Barrels were unchanged on 8 trades to end the day at $1.41/lb.
Grade A Non Fat Dry milk was down ¼ of a cent to $0.98 ½ / lb and Dry whe was up ½ cent to $0.34 ¾.
Grains continue to trade lower following wheat. March Soybeans were off 8 cents to 9.03 ¾ and SBM finished off $2.10 in March to end the day at $307.30/ton. Hitting lows we have not seen since Late October 2018. March Corn was down 4 ¼ cents to 3.66 ¼.
For Commodity Risk Management Group, this is Jenny Wackershauser on Know your markets.