Global Price Slide Pushes Milk Futures Lower
Class III Milk fell Wednesday following the lackluster results of the Global Dairy Trade event on Tuesday. August fell 7 cents to $17.50. September fell 10 cents to $16.83 and the second half was off 6 to 10 cents and is averaging $17.54/cwt. Early 2020 also lost 7 to 8 cents each month to finish averaging $16.61/cwt for Jan- March.
Class IV milk was stronger. Though August fell 2 cents to $16.60, September gained 8 cents to $16.83, and October gained 6 to $17.02/cwt.
We saw a mixed day in the CME spot product trade. Cheddar was quiet with both Blocks and Barrels unchanged. Blocks held at $1.86 ¾ and Barrels at $1.71/lb, neither traded a single load.
Butter gave back some of its gains from earlier this week falling 2 cents to $2.33/lb with only 1 load trading hands. The dry powders were our bright spot. Non Fat Dry milk gained a quarter of a cent to $1.02 ½ with 3 loads moving. Dry whey gained 1 ½ cents to $0.35 ½ with 1 load trading.
Grain markets continue in a quiet market leading up to the August 12th Supply and Demand report. December corn was mixed during trading but finished 1 ½ cents higher to $4.14 even, November soybeans gained a penny to 8.66 ¾. August soybean meal continues to hold under $300 at $293/ton down $2.10.
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