Dairy Markets Hold Steady
A quiet day in the dairy markets kept prices holding steady. We saw a CME spot product trade on Wednesday without many fireworks. Butter gained a quarter of a penny to $2.42/lb. on 8 loads trading hands. Cheddar blocks lost a quarter of a cent to $1.84 ¼. A peak we haven’t seen since Nov 2016 and a 50 cent move above our lows from last Christmas. Cheddar Barrels were unchanged at $1.72/lb. with 2 loads trading, 1 bid and 2 offers.
Grade A nonfat dry milk was the largest mover on the day with a penny gain to $1.04 1/2/lb. but only 1 load traded hands and six bids were left with no offers. Dry whey stayed unchanged at $0.35 ½ /lb. with no loads trading, 2 bids and 1 offer.
Class III milk had a mixed day. June gained a penny to $16.32, July gained 4 to $17.08/cwt and the second half months varied from down a penny to 4 higher. The average finishing the day at $17.42. January- March of 2020 saw small gains of 1-3 cents and average in at $16.63/cwt.
Class IV milk saw more movement in fall months. Nearby was unchanged with June at $16.86 and July at $17.06/cwt. Second half average came in at $17.42/cwt.
Grain markets were softer. July Corn fell 4 ¼ to $4.43 ¼, July soybeans lost 9 ¼ to $8.94 ¼ and July soybean meal was down $2.30 to $313.40/ton. The grain and feed trades will keep a close eye on the planted acres report being released Friday by the USDA.