Milk Markets Donate Their Gains to the Grain Market
The Dairy markets were much quieter today than the grain complex. The USDA released its June World Agriculture Supply and Demand report at 11 am sending corn on a roller coaster ride and wheat on a rocket higher. December corn fell as low as $4.30 ¼ during trading but ended the day 8 ½ cents higher to $4.48 even. November new crop Soybeans finished the day up 4 ½ to $9.17 ¼, December Chicago wheat gained 16 cents to $5.32 ¾.
All the movement was the market trying to figure out a fairly neutral report. USDA kept corn acres and soybean acres the same as the June 28th planting report and did not adjust their yields. Corn is estimated to yield 166 bu per acre and Soybeans are estimated at 48.5 bu/acre.
The CME spot product trade was much quieter. Butter gained a quarter of a cent to $2.41/lb with only 1 load trading hands and 2 offers. Cheddar Blocks were unchanged at $1.83 on no loads trading as was Cheddar Barrels at $1.7675 with no loads trading.
Grade A non fat dry milk fell ¾ of a cent to $1.03/lb with 1 load trading, Dry whey was unchanged at $0.32 ¼ /lb with 1 load trading from seller to buyer.
Class III milk gave back some of its recent gains. July fell 2 cents to 17.35, Aug down 6 to 17.69 and our second half months saw losses of 2-6 cents with an average at $17.63/cwt.