Just Like That, Milk Markets Back Up
The milk markets were right back higher on Thursday without much help from the product market. Milk added 5 cents in May and 9 cents in June, respectively. July through December months jumped 9-12 cents as well. The second half of 2019 average closed Thursday at an average of $16.78 per cwt.
Class IV markets were unchanged all the way through 2019. CME spot product markets watched butter trade 7 loads and had 5 bids push it’s market a half cent higher to $2.27 and a quarter. Cheddar blocks lost three-quarters of a cent on a single trade, bid and offer to end at $1.65 and half cents. Barrels were unchanged at $1.63 and moved 7 loads of product. Grade A nonfat dry milk gained a quarter cent as 5 loads moved from seller to buyer. Dry whey was unchanged at 34 and three-quarter cents per lb.
Grain markets watched traders continue to spread corn vs. soybeans. With planting delays beginning to become a little more of a stormy and a rainy forecast ahead, some traders are betting on some acres switching over to beans. Corn traded 2 cents higher, beans dropped 8 and the wheat complex traded 5-8 cents stronger. Fat cattle lost an additional buck while feeders declined $2 per cwt.