January 8, 2019

Dairy Markets Shushed After Higher Prices Last Week

 |  By: Know Your Market

The CME spot product market was fairly quiet on Tuesday as only three of the five products traded. 


Blocks fell two cents to $2.23 per lb. Barrels fell one and a half cents to $1.38 per lb. Grade A nonfat dry milk rose one and a half cents to 99 cents per lb. Butter was unchanged at $2.23 per lb. Dry whey was also unchanged at 48 and a quarter cent per lb. 


Class III markets were down on the day with all months showing losses except for November which did not trade. Class III markets fell anywhere from four to 13 cents leaving the first and second half averages at $15.06 and $16.45.


Class IV markets also showed losses from seven to 23 cents in the front months while the rest was unchanged. 


Grain markets were also softer on Tuesday. March Corn fell two and a quarter cent to $3.80 and January beans fell six cents to $9.06, up two cents. The wheat complex was mixed as both Chicago and Kansas City wheat showed gains of one to two and Minneapolis wheat lost a quarter to three-quarter cents. 


It was an exciting day in cattle as new contract highs were made in the February live cattle contract settling at $125.30. Feeders also showing gains of $1 to $1.60 on the day.