Dairy Markets Soften On Wednesday
The CME spot product market was softer on Wednesday as 3 of the 5 products offered were lower. Butter fell ½ a cent to $2.2275 per pound. Blocks were lowered 1 cent to $1.35 per pound. Barrels rose ¼ cent to $1.2825 per pound. Grade A nonfat dry milk fell ½ a cent to 91 cents per pound. Dry whey rose 1 ¼ cents to 44 ½ cents.
Class IIII markets were also lower on Wednesday showing losses of 3 cents in December at $13.86 per cwt and losses of anywhere from 4 to 14 cents from January to May in 2019.
Class IV markets were mainly unchanged on the day with a few months in 2019 showing minimal losses.
Grain markets were quiet as well as December corn was unchanged settling at 3.7425. January soybeans settled 1.75 higher at 9.134. The wheat complex was lower across the board. Chicago lost 4-5 cents, Kansas City lost 7 cents and Minneapolis lost 3-4 cents.