Grain Markets Near Contract Highs
The grain markets provided the excitement in Monday’s trade as dryness in the Dakotas and western Cornbelt have taken center stage. Corn posted a 10-cent gain and closed at $4.14 ¾, just 7 ¾ cents short of the contract high. Soybeans added 24 cents to close at $10.39 ¼, and is trading at its contract high also.
Chicago wheat jumped 16 cents, Kansas City was up 14 cents and Minneapolis led the wheat market with a 30-cent move.
The CME spot dairy product session saw strength in every product on Monday. Butter finished 3 cents higher at $2.61 ½, blocks were up ¼ cent to $1.55 ½ and barrels gained a penny to close at $1.38 ½ per pound. Grade A nonfat dry milk added ½ cent and closed at 87 ¼ cents.
Unfortunately strength in the product trades failed to move Class III milk higher. July dropped 3 cents while August lost 25 cents and September 22 cents per cwt. The fourth quarter was down 11 to 19 cents while January 2018 dropped 8 cents. The Class III second half average now stands at $16.45 per cwt. Class IV markets had September move 6 cents higher while November was up 11 cents.