Milk Futures Find Some Footing
After falling $1.45 in the November contract since the beginning of October, milk futures finally found some footing on Thursday following a higher spot product trade. November traded 21 cents higher and settled at $15.11 per cwt. while December was up 28 cents. The 2019 Class III prices had January through April 21-27 cents higher, May up 14 cents, June 12 cents stronger and July to November 2-8 cents higher.
Class IV prices were slightly higher. Product trade on Thursday saw positive results in 4 of 5 products offered. Dry whey regained a penny and closed at 48 and a half cents per lb. following a couple of bids. Cheddar barrels moved 14 loads and jumped 4 and three-quarter cents per lb. to settle out at $1.25 and a half cents per lb.
Blocks followed suit with 5 trades taking place, pushing the market to $1.49 and three-quarter cents, up 2 and three-quarter cents on the day. Butter also gained 2 and three-quarter cents higher to $2.24 per lb. trading 14 times. Grade A nonfat dry milk lost a quarter cent to 86 and three-quarter cents per lb.
Grain markets experienced the opposite results as December 2018 corn fell 7 and a quarter cent to $3.61 per bu. Soybeans weakened 8 and a half cents to settle at $8.41 and three-quarter cents per bu. Meal was down $2 per ton. Wheat prices softened 12 cents in Chicago, 10 in Kansas City and 9 cents lower in Minneapolis.