June 8, 2017

Lots of Action but Not Much Movement

 |  By: Know Your Market

More than three dozen combined bids and offers remained after Wednesday’s spot trade of nonfat dry milk, and most of those folks showed up again on Thursday. While 23 bids were still on the table at the end of the day, seven trades took place to move powder 1 ½ cents higher to 91 ¾ cents per pound.

The most active session was the barrel market which dropped a penny on 24 loads traded, finishing at $1.41 ½. Block cheese followed suit, with prices dropping two cents to $1.63. Butter rose ¼ cent following yesterday’s sell off, finishing at $2.46 ½ per pound.

Despite the action in powder and butter the Class III market did not trade. Class III markets in mixed results, with most of the contracts lower and the fourth quarter trading two to three cents higher. In the end the average of prices from now until the end of December finished at $16.79 per cwt, down 2 cents per cwt.

Changing forecasts kept corn markets interesting again on Thursday. Prices which pressed higher through the course of the morning softened after the noon forecast showed new moisture and less heat in the next seven days. Corn prices finished approximately a penny higher throughout the complex. Soybean were up 7 to 8 with soybean meal up $1 per ton.