Milk Markets Gain Ground
Despite a neutral to negative tone established in the CME spot product session on Wednesday, milk markets were mainly much higher.
July declined 3 cents while August jumped 14 cents. September through December showed the best results as prices rose 20-35 cents. Strength trickled over into 2019 as well as January through April gained 1—20 cents.
Class IV milk traded 10-18 cents higher August through December. In Wednesday’s spot product market, butter, Grade A nonfat dry milk and dry whey all closed unchanged. Cheddar blocks added 1 and ¼ cents to $1.54 even. Cheddar barrels dropped 6 and ½ cents to $1.31 per lb. with 5 loads trading hands. Futures markets on dairy products far outpaced cash sessions as futures traded 1-3 cents higher in cheese and nonfat dry milk was up ½ cents to 1 penny.
In other commodity markets, corn traded 1 and ¼ cents higher to $3.61 per bushel. Soybeans gained 2 and ¼ cents in November while soybean meal declined a dollar a ton and remains in a small trading range of $325 per ton to $335 per ton.
Wheat markets softened 1-5 cents depending on the market. Fat cattle markets have been hot this week climbing $2 per cwt on Wednesday and up nearly $4 on the week. Feeder cattle added another $2.75 cents per cwt. Wednesday as well.