Grain Markets Move Lower, Dairy Products Remain Steady
CME spot product markets on Wednesday closed with little change outside of the butter market. Butter fell 3 ¾ cents to $2. 35 per pound despite no trades. Butter did have one uncovered bid and six offers. Cheddar blocks and barrels each gained a half cent. Blocks settled at $1. 66 per pound. Following one trade in two bids. barrels finished the day at $1.675, six loads moved along with two uncover bids. Grade A nonfat dry milk and dry whey were both unchanged on Wednesday. Dry milk traded 6 loads while finding 5 bids and 1 offer to close at 82 cents per pound. Dry whey ended at 44.5 cents.
Class III milk futures were lower on Wednesday. August lost 2 cents and closed at $15. September through December were down 7 to 15 cents per cwt. January through July 2019 prices fell 1 to 7 cents per cwt. Class IV milk had weakness as well. As September through December 2018 prices were down 2 to 9 cents. No changes were seen in 2019 for Class IV.
Grain markets had read on the screen across the board. Corn declined a penny to $4.03 per bushel and the December contract. Soybeans dropped 10 ¾ cents to $8.69 per bushel while soybean meal was $6 per ton lower. The wheat complex had Chicago and KC down 9.5 cents while Minneapolis fell 12 cents.