Corn Markets Continue Upward Movement
There was no shortage of activity at the CME today. Corn prices which rose a nickel on Tuesday added approximately another 7 cents on Wednesday, bursting higher and breaking through the 20 cent range that has largely bound corn prices for the last three months.
Talk of hot and dry weather along with below normal crop ratings and potential acreage losses has many talking about what the potential outcome of the 2017 corn crop may be. Bidders have showed up and December corn finished above $4 for the second time this year testing its previous high of $4.04.
Like corn, activity remained high in the CME spot trade as well. Grade A nonfat dry milk was the leader in the category with 10 trades taking place. The market finished 1 ¾ cents lower with the final price at 90 ¼ cents. Wednesday’s decline adds to the 2 ½ cent losses the day prior.
Block cheese dropped 1 1/2 cents to finish at $1.65 per pound while barrels remained unchanged. Butter dropped 6 ¼ cents, moving to a price of $2.46 ¼. Class III markets moved lower with the average price through the end of the year dropping 5 cents to $16.84 per cwt. Class IV markets were lower in the two months that did trade.