Markets Sing the Monday Blues
In starting out this week, CME spot product markets were mostly uneventful. Cheddar blocks were the lone bright spot as they added a half cent following four trades to close at $1.65 per lb. Barrels lost 2 cents per lb. to $1.59 and three-quarter cents, also trading four loads.
Dry whey moved two loads from seller to buyer with ten uncovered bids left open. Whey lost a penny to 34 and three-quarter cents per lb. Butter and Grade A nonfat dry milk were both left unchanged Monday. Butter ended at $2.25 and three-quarters per lb. while dry milk settled at 98 and three-quarter cents, respectively.
Class III milk futures begun Monday’s trade on a higher note before reversing course lower. April milk fell 3 cents to $15.89, May lost 13 cents to $15.65 per cwt. and June declined 9 cents to $15.74. The second half of 2019 ranged from 7 cents lower in July to 5 cents higher in December.
Class IV milk added 3-7 cents per cwt. May through September. Tomorrow, Global Dairy Trade event 234 will be released. We shall see how products fare with that if milk prices can find support to further this $1.60 rally in the April contract that began mid-February.
Grain markets on Monday saw corn add 2 cents, soybeans traded 3 and a half cents higher and wheat lost 5-7 cents per bu