Milk Markets Closed This Week In The Green
The dairy markets closed out this week in a slightly higher fashion as all products traded on the CME spot auction ended in the green. Blocks performed the best adding 4.5 cents following 3 trades and closed at $1.87 per lb. Barrels moved 7 loads and settled out a half cent higher to $1.52 ¼ per lb. Butter gained ¾ of a cent to $1.92 per lb. and Grade A nonfat dry milk settled out at $1.27 ¼, up a half cent on the day. Dry whey added a penny after 10 loads moved from seller to buyer, 10 unfilled bids remained as well.
Class III milk futures ended in the green throughout 2020. Class IV milk also finished slightly higher.
The USDA released two reports on the grain side Friday in the Supply and Demand report and Quarterly Stocks. Highlights in each report included corn printing an ending yield of 168 bushels per acre, up a bushel from the December report. Corn acres were reported at 81.5 million, down 300,000 from the average guess. Corn stocks as of December 1 were also 120 million lower than expectations. Soybean yield was shown at 47.4 bushels per acre, down a half bushel per acre from the last report. Harvested acres dropped 600,000 from December to January and ended at 75 million.