Milk Futures Ignore Soft Cheese Trade
Despite a softer cheese market during Monday’s CME spot dairy auction, futures ended higher on the day. Blocks softened 6 cents following 5 trades and ended at $2.48 per lb. Barrels ended unchanged at $2.45 per lb. Butter lost a quarter cent to $1.72 ¾ on a single trade closing at 34 ¼ per lb. Grade A nonfat dry milk finished unchanged at 99 cents per lb.
Class III milk futures jumped 35 cents in August, 22 in September, and 12 in October. November gained 4 cents while December was down 15. 2021 suffered minor losses as well. Class IV saw just August trade, losing 4 cents to $13.72.
Grain markets watched the wheat complex fall 11 cents in Chicago, 10 in Kansas City and 6 in Minneapolis. Corn declined a half cent while beans added a half cent. Fat cattle dropped $1 per cwt while feeders weakened $3 per cwt.