Milk Futures Continue With Solid Growth
The milk market put together another solid day of trade following continued strength in the product markets. September traded 13 cents higher to $18.20/cwt while October was up 23 cents, November rallied 20 cents and December added 16 cents. Both September and October posted new lifetime contract highs.
2020 hasn't bought into the product market move as months ranged from 2 lower to 6 cents higher. The 4th quarter 2019 average ended Tuesday at $17.66/cwt. The first half 2020 market ended at $16.43/cwt.
The spot product market continues to rage on. Cheddar blocks moved 5 1/4 cents higher to $2.05 1/4 per lb following a single trade. Barrels traded another 2 cents higher to $1.82 following two transactions. Butter moved 15 loads from seller to buyer while adding 2 1/2 cents to $2.20 per lb. Grade A nonfat dry milk lost a quarter cent to $1.03 3/4 per lb. Dry whey was unchanged at 38 cents per lb.
Grains were finally able to print green numbers on the screen. Corn jumped 7 cents, soybeans traded 14 higher and the wheat market grew 5 to 10 cents.