Grain Markets Break Free
The CME spot product trade had a mixed day on Monday. Butter lead the group with a 5 ¼ cent move higher to end the day at $2.34/lb. Cheddar Blocks however, fell 4 cents to $1.57/lb while cheddar barrels moved 2 cents higher to $1.43/lb.
Grade A Non-Fat Dry Milk was up ¼ of a cent to finish at $0.98 ¾ cent per lb. Dry Whey fell ¾ of a cent to $0.35 ¼ / lb.
Class III milk was weaker in the nearby months. Trading down 7 cents in March to $15.13 /cwt and down 13 cents in April to finish at $15 even. Second half was mostly unchanged. July- December averaging $16.18 / cwt
Class IV milk traded 5 cents higher for April finishing the day at $16.10 and May was up 6 cents to $16.30/cwt.
Corn and soybean markets were up Monday, finally breaking free of the falling wheat market. Soybeans were up as many as 12 cents during Monday’s trade, but finished up 4 cents to 9.03 ¼ and May SBM finished up $3.10 to $310.50/ton. Corn was up 1 cent in March to 3.65 even.
For Commodity Risk Management Group, this is Jenny Wackershauser on Know your markets.