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February 16, 2017

Dairy, Grain Markets Move Higher

 |  By: Know Your Market

While it was a more subdued day in the dairy complex, grain and oil seed markets took on a different tone. Corn contracts throughout the year posted an outside higher day that took them to prices not witnessed since mid-July 2016.

The March contract finished at $3.7875, while the new crop December contract finished at $4.0275. Soybean meal made another impressive move with most contracts finishing near $350 per ton.

Turning our attention back to the dairy complex, the CME spot trade was a little more up and down than yesterday. Butter only made a single trade, but found its way another 2 ¾ cents higher to a final prices of $2.1575. Block cheese was down ½ cent in the most active session with 7 loads trading hands and prices finishing at $1.605. Barrels were relatively quiet, traded three loads but finished unchanged at $1.65. Nonfat Dry milk was up ¾ cents to finish at 91 cents. Two loads were traded.  

In Class III milk, the first half of 2017 was up approximately 14 cents. The second half of the year remained much quieter, up a few cents here and there. Class IV markets saw action in the first half of the year with most months up 10-15 cents.

Listen to Mike daily on Dairyline Radio.