Grade A Nonfat Dry Milk Lone Product To Stay Green
Trading screens were full of red on Thursday as nearly all ag related markets struggled. Cheddar blocks fell 5 cents after trading twice and closed at $1.59 per lb. Cheddar barrels traded just once but fell 6 cents to $1.48. Butter declined ¾ cents to $2.35 per lb., while dry whey was unchanged at 41 cents. Grade A nonfat dry milk was the lone product to move higher as it gained ¾ cents to 78 and ¾ cents per lb.
No bids or offers were left unfilled in any spot product market on Thursday. Class III milk results had June unchanged at $15.37 cents per cwt. The third-quarter dropped 15-23 cents while the fourth-quarter prices lost 4-9 cents. A softer tone in 2019 was also seen as prices ranged from even in January to 4 cents lower out through June.
Class IV markets had very little change. After holding itself together on Wednesday despite much lower soybean and wheat trade, corn was walloped on Thursday as it lost 12 and ½ cents in the December contract and settled 15-16 cents in Chicago and Kansas City while Minneapolis was down 7 cents.
Cattle markets softened $2 per cwt. in fat cattle, $1.75 per cwt. in the feeder market and $1 lower on lean hogs. Diesel markets fell 2 and ½ cents per gallon.