Milk Markets Rebound Slightly
The commodity markets took a breath on Tuesday and found rebounding prices. Crude oil led the way, gaining back part of the record loss it experienced on Monday. Corn gained 5 ¾ cents to $3.80 even, soybeans gained 9 ½ to $8.73, and soybean meal was mixed with March falling 70 cents to $295.90, but forward month trading slightly higher.
The uneasiness in the market showed up in the volume at the CME spot dairy trade, only powders traded loads with Grade A nonfat dry milk falling a quarter of a cent to $1.08 with 3 loads trading hands, and dry whey gained half a penny to $0.33 ¾ per lb. on 1 trade.
Butter was unchanged at $1.81 ¾, Cheddar also unchanged with Blocks at $1.76 per lb. and barrels at $1.41. No loads traded hands for butter or cheese.
Class III milk saw March gain 3 cents to $16.33, April gained 4 to $16.85, and May gained 3 to $15.99 per cwt. Second half months gained 2-7 cents respectively.
Class IV milk also bounced back. Though March remained unchanged at $15.52, April gained 10 to $15.20, and May gained 19 to $15.29. Second half months saw 8-31 cent gain.