CME Spot Dairy Products See A Boost
CME spot dairy product markets produced small changes to kick off while milk markets were quite the opposite. Butter added a penny and ½ cents following 1 trade and 4 bids to $2.24 per lb. Blocks traded 5 loads and closed at a price of $1.56 and ½ cents, up ½ cent on the day. Cheddar barrels and Grade A nonfat dry milk both closed unchanged. Barrels moved 9 loads and settled at $1.42 and ¼ cents while dry milk finished at 75 and ½ cents per lb., respectively.
Dry whey lost ¼ cent on a single offer and closed at 41 and ½ cents. Class III milk futures resulted in July down a penny at $14.26 per cwt. while August jumped 34 cents to $15.18 per cwt. September-December 2018 months were 11-25 cents higher also. The 2ndhalf 2018 average now stands at $15.32 per cwt.
First half 2019 saw gains of 1-8 cents. Class IV markets had August up 8 cents and September a penny higher. All other months were unchanged. The USDA released their crop progress report on Monday afternoon. Crop condition ratings on corn fell 3% to 72% in the good to excellent category. This compares to 64% good to excellent at this point last year. Soybean ratings dropped 2% to 69% this week versus 61% a year ago.