Markets Return Back To The Green
Green returned to the CME commodities on Wednesday. Not only on the dairy complex, but feed and grain markets enjoyed a move higher as did Cattle. The CME Spot market however, was quiet and mostly unchanged. Butter moved 1 ½ cents lower to settle at $1.80 with 8 loads moving. Cheddar blocks was the only other product to see a change in price, falling 1 ½ cents to $1.86 ½ with 3 loads trading hands.
The balance of our products were unchanged. Barrels at 1.56/lb with 5 loads trading. Our Block/Barrel spread narrowing to 30 cents. Grade A non fat dry milk holds at $1.22 ½ also with 5 loads trading and Dry whey at $0.39 1/2/lb without a load trading hands, 1 bid and 2 offers.
Class III milk moved higher despite little information feeding it in the spot trade. February fell 1 to 17.03 but most of the rest of the futures trade moved higher. March gained 8 to 17.29, April gained 8 to 17.42. The first half of 2020 sits at 17.31/cwt.
Class IV milk didn’t follow suit. February fell 2 to 16.42, March fell 1 to 16.40, and April fell 9 to 16..66/cwt.
Grain and Feed markets saw Chicago wheat gain 5 ½ to 5.47 ½, Corn gained 3 ¼ to 3.83 even, Soybeans gained 7 ¾ cents to 8.92 ½, and Soybean meal gained $0.90 to 291.70/ton.