Dairy, Grain Markets Drag on Monday
After having put behind it its first week of trade, it was the CME spot butter market that made the biggest move on Monday. It dropped 1.25₵ to $2.075 per pound after two trades took place.
Block cheese was unchanged and quite the contrast, nobody even showed up to post a bid or an offer, so we finish again at $1.475. Barrel cheese was unchanged as well at $1.4275. It was the most active session with five loads trading hands. Grade A nonfat dry milk was up 0.5₵ after a single trade took place, moving prices to 85₵ per pound.
Class III markets were largely subdued through Monday’s session with only the May, June and July markets finishing lower. They were down 7₵ on average. The balance of the year was largely unchanged.
Class IV markets saw very little activity as we closed out the day, but that was not the case for the grain market. Corn prices dropped 4₵ on average between old crop and new crop, giving back 1/3 of what was gained in the previous week’s rally
Soybeans gave back early morning gains to finish 24₵ lower in old crop and 0.5₵ higher in new crop. Soybean meal was down $3-$4 out through fall.
Cattle markets continued their rally by moving higher 504₵-$1 out through this winter.