Dairy Markets Find Some Follow Through
Dairy markets found some follow through selling in the Class III and Class IV milk on Wednesday following softer product market trading. Butter fell 1 and ¼ cents on the CME spot products session to $2.35 and ¾ cents after 6 bids and 5 offers were left unfilled. Neither cheddar blocks or barrels traded and both settled unchanged.
Blocks finished at $1.64 while barrels settled at $1.54 per lb. Grade A nonfat dry milk and dry whey each lost ¾ cents Wednesday. Dry milk closed at 78 cents per lb. and dry whey was at 41 cents per lb. Dry whey traded once and represented the lone trade across the entire complex.
Class III milk traded 3-8 cents lower in 2018 as Wednesday wrapped up with a second half average of $16.38 cents per cwt. January through August 2019 closed 3-5 cents lower with a first half of 2019 average of $16.16 per cwt. Class IV markets were 1-13 cents softer June-September 2018.
Grain markets were all down Wednesday. A day after rallying following Tuesday’s USDA supply and demand report. Wheat and soybeans led the grain complex lower. Wheat lost 15-18 cents while soybeans were down 16 cents in new crop. Bean meal softened 5-6 dollars per ton while corn tried to rally but ended up 1 and ½ cent lower per bushel.