Markets Make Slight Gains
Butter lead activity in the CME spot product markets on Monday. Butter traded 16 loads and left two bids and one offer unfilled as it gained a half cent and closed at $2.22 per pound. Cheddar barrels also added a half cent on six trades. Dried whey fell a half cent to 28 cents with one load moving. Neither cheddar blocks nor grade A nonfat dry milk traded and both closed unchanged. Blocks settled at $1.53 per pound while dry milk finished at 69 cents.
Class III milk futures traded slightly higher. March closed a penny lower at $14.20 cents per cwt. April through December gained two to seven cents per cwt. The second quarter finished at an average price of $14.44, while the second half closed at $15.77 per cwt. Class IV milk markets were mainly unchanged. September 2018 was the lone month of trade and change. September added two cents to $14.68 on five trades.
Both corn and soybeans made new highs on Sunday night's grain trading session. New corn traded up as high as $4.16 per bushel before selling off and settling at $4.11 1/4. Soybeans jumped as high as $10.60 cents before falling to $10.40 cents, down 7 3/4 on the day.