Milk Markets Rally Higher
The Class III milk market closed higher in 2019 and early 2020. July through December 2019 added 1-7 cents and moved the second half average up to $17.70/cwt. The first half of 2020 ranged from even to 9 cents higher. First half 202 settled Wednesday at $16.96/cwt. Class IV milk was mixed in 2019 ranging from 4 lower to 4 higher. The second half of 2019 closed with an average of $17.08/cwt.
CME spot product markets on Wednesday saw butter finishing unchanged at $2.36/lb with no trades and 2 uncovered bids and offers. Barrels added a quarter cent on a single bid to $1.8325. Barrels closed unchanged at $1.7175 on two loads changing hands. Grade A nonfat dry milk traded 4 loads and ¾ of a cent higher to $1.0175 per lb. Dry whey moved 1.25 cents higher to 35.75 per lb.
The grain markets were mixed on Wednesday. Despite coming into this morning’s session 5 cents higher, the corn market reversed course and closed a penny lower at $4.3075 per bu. Soybeans traded 5 cents stronger to end with a new crop price of $9.08 per bu. The wheat complex was up 8 cent sin Chicago, 6 in Kansas City, and gained a penny in Minneapolis.