June 6, 2019

Class III, Product Markets Continue Higher

 |  By: Know Your Market

Solid ground on product trade was seen in the dairy markets on Thursday. Cheddar blocks added 2 1/4 cents on three uncovered bids to $1.74 3/4 per pound.  Barrels added 2 cents to $1.52 following six loads moving from seller to buyer. Dried whey gained 2 cents to 36 3/4 cents on one trade and three bids.

Class III milk markets followed product and ended slightly higher. June jumped 10 cents, July 7 and August through December closed even to 3 cents stronger. Class IV markets were even to a penny higher in July and January 2020. 

Green prices continue their choppy trade on Thursday. Corn gained 5 cents after being down as much as 7 1/2.  At one point July corn settled at $4.20 1/2 while December closed at $4.38 1/2 per bushel. Soybeans lost 1 to 2 cents and ended with a new crop price of $8.95 1/4. Bean meal softened $2 per ton while the wheat complex was strong, adding 16 cents in Chicago, 10 cents in Kansas City and 17 in Minneapolis.

Crude oil was finally able to find some footing around $51 pushed up to a close to $52.59 per barrel.  The diesel market added a penny and is now trading around $1.80 per gallon out through the end of 2019.