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August 8, 2019

Dairy Markets Remain Steady While Grains Move Higher

 |  By: Know Your Market

Thursday proved a quiet day in the CME spot product trade. Butter saw the most action. Falling 1 ½ cents with 6 loads moving to finish at $2.315. Cheddar markets were unchanged again with no trades. Blocks holding at $1.8675 and Barrels at $1.71 per lb. 

Grade A nonfat dry milk gained a quarter of a cent to $1.0275 with 1 load trading hands, 3 bids and 6 offers. Dry Whey was unchanged at $0.355 per lb. with no loads trading, 3 bids and no offers. 

Class III milk was mixed August gained 4 cents to $17.54 per cwt, September fell 1 to $17.79 and the August - December average is at $17.53 per cwt. 2020 markets were higher. January - March gained 2 cents with the average coming in at $16.62 per cwt.

Class IV gave back some of the gains it saw Wednesday. August was unchanged at $16.60, September fell 4 cents to $16.79 and our second half average was at $16.89 per cwt.

Grains and feed showed some strength on Thursday ahead of Monday’s USDA supply and demand report. December corn gained 4 ¼ cents to $4.1825 per bu. November soybeans were up 16 ¼ cents to $8.83 per bu., though soybean meal lonely gained $1.80 and August closed trading at $294.80 per ton. 

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