Markets Remain Mainly Unchanged for CME Spot Products
CME spot product markets were mainly unchanged on Monday despite a lower Class III and Class IV milk market. Butter, cheddar blocks and cheddar barrels all closed unchanged with no trades in any of the three markets.
Butter settled at $2.39 per lb. blocks at $1.63 and ½ cents and barrels came in at $1.56 and ½ cents per lb. Grade A nonfat dry milk lost 1 and ¼ cents to fall to 79 and ¼ cents after four trades, four bids and six offers. Dry whey added ½ cent and settled at 41 and ¾ cents following a single trade.
Class III milk markets saw the June contract down 4 cents at $15.43 cents per cwt. and the July-December months ranging from 9-13 cents lower. The second half Class III average closed at $16.48 cents per cwt. For 2019, prices fell about a nickel lower in the first half of the year.
Class IV milk prices closed 8-12 cents softer. Grain prices continued to trade lower as well. Corn was 10 cents lower while soybeans were 16 cents off of the open. Tomorrow the USDA will release its latest version of the Supply and Demand Report at 11 a.m.