Markets Don't Know Which Way to Go
CME spot product markets were mainly unchanged on Thursday. Cheddar blocks, barrels, Grad A nonfat dry milk and dry whey each ended even on the day. Blocks closed at $1.65 and three-quarters respectively. Dry milk finished at $1.05 and dry whey at 34 cents per lb. Class III milk markets witnessed very little trade and change Thursday. Months ranged from a penny lower to six cents higher.
The second half 2019 average closed today at $16.73 per cwt. Class IV activity was limited as well. May added 8 cents while the remaining moths were minimally higher. The second half of Class IV for 2019 is averaging $17.36 per cwt. Outside of the dairy complex we saw broad based buying once again.
Corn and wheat lead prices higher gaining 9 and a half cents in July corn and 18 and a quarter higher in July Chicago wheat. July corn closed at $3.79 while new crop December settled at $3.96 and a half. July wheat in Chicago finished at $4.67 per bu. while Kansas City added 14-15 cents and Minneapolis was 11 higher.
The meat complex rose as well jumping a $1 per cwt. in fat cattle, $1 in feeders and 50 cents greater in hogs. Energies added 80 cents per bu. in crude and 3 cents per gallon in diesel markets.