Markets Dip Down Lower
The CME Spot product market was lower across the board on Monday as all 5 products traded. Butter fell ¾ of a cent to $2.28 ¼ cents/lb. Blocks fell 1 ¼ to $1.48 ¾ cents/lb. Trading 7 times during the session barrels lost ¼ of a cent to finish at $1.29 ¾ cents/lb. Grade A non fat dry milk lost 1 ¼ cents during the session to finish at 99 cents even. Also trading 7 times dry whey lost ¼ of a cent to finish at 36 cents even.
Class 3 markets were also down to start the week trading anywhere from 2 to 15 cents lower. For the front months, February lost 7 cents to 13.96, march lost 15 cents to 14.24 and April lost 11 cents to 14.51. Including January’s settlement price at 13.96, the first and second half averages are now at 14.53 and 16.26
The grain markets started off the week fairly quiet preparing for the January and February WASDE report that will be released on Friday the 8th. March corn rose 1 cent to 379^2, March beans rose ¾ of a cent to 918^4. The wheat complex rose 1 cent in Chicago, 1 cent In Kansas city and lost 1-2 cents in Minneapolis.