May 26, 2019

Corn Markets Explode

 |  By: Know Your Market

The cheddar barrel market continued its selloff to finish off this week. Barrels lost 3 and a half cents following 4 transactions to close at $1.58 per lb. Blocks closed unchanged at $1.68 and a quarter. Butter also finished unchanged at $2.38 and three-quarters with just a single uncovered id left hanging. Grade A nonfat dry milk dropped three-quarters of a cent to $1.04 and a half. Dry whey added a quarter cent on three uncovered bids to end a 36 cents per lb. even. 


For the week, barrels were the most active market trading 27 loads while dry milk wasn’t far behind moving 21 loads. 


Class III milk markets fell 10-13 cents between June and August while September through December softened 5-9 cents per cwt. The second half 2019 market for Class III settled Friday at $16.78 cents per cwt. January through April lost 3-6 cents on Friday. Class IV milk was slightly lower falling 2 cents in June and 9 cents in August respectively. 


Another active market was witnessed in the grains as well. Corn exploded 14 cents higher in the July contract to close at $4.04 and a quarter while new crop December added 11 and three-quarter cents to $4.19 and three-quarter cents per bu. Beans added 8 cents while the wheat complex gained 11-19 cents depending on the market.