January 13, 2019

Markets Sing A Higher Tune

 |  By: Know Your Market

The lone CME spot product market to end lower was the cheddar barrels as it lost a quarter cent following 11 trades, 3 bids and 4 offers. Barrels settled at $1.24 and a half cents per lb. Butter added 2 and a quarter cents off of 5 trades and 2 bids pushing its price up to $2.25 and three -quarter cents. 


Cheddar blocks moved 4 loads and 2 cents higher to $1.41 per lb. Grade A nonfat dry milk gained another half cent while dry whey was up three-quarters of a cent. For the week, barrels were the leader in loads moved, totaling 28. Grade A nonfat dry milk had the best weeks as far as price is concerned, adding 4 and three-quarter cents to its average weekly sales price compared to the week prior.


Class III milk futures had January a penny lower while February through December 2019 was one to 10 cents higher. First half 2019 closed Friday at $15.19 cents per cwt. while the full year is offering $15.88. Class IV markets were also higher. Prices ranged from one to 15 cents higher and pushed the first half Class IV average to $16.20 and the full year average is at $16.58 per cwt. 


Corn added 2 cents Friday, beans were up 4 and the wheat complex added 5 cents. Cattle was mixed with fats slightly higher and feeders a touch lower. Energies saw crude down $1 and diesel off 3 cents per gallon.