Milk Prices Fall Slightly Thursday
While corn has been the commodity to watch all week long as it has been reeling since the supply and demand report released on Monday, milk prices were the commodity that saw milk losses on Thursday.
Class III milk fell 3-6 cents September through December 2019 and closed at an average of $17.47 per cwt. First half 2020 prices settled even to 6 cents lower with its average at $16.60 per cwt.
CME spot product trade wasn’t nearly as active on Thursday outside of the butter market. Butter traded 13 times and a penny lower to $2.33 per lb. Cheddar blocks closed unchanged at $1.8925. Barrels added a half cent on a single bid to close at $1.76 per lb. Grade A nonfat dry milk gained a half cent to $1.03 per lb. following one trade and one uncovered bid. Dry whey closed unchanged at 36.75 cents per lb.
The corn market finally tamed down a bit and closed a penny higher on Thursday. December new crop corn closed the day at $3.71 per bu. Soybeans lost 7 cents a bushel as new crop settled out at $8.70 per bu. The wheat complex was mixed with Chicago down 4 cents, Kansas City up 4, and Minneapolis 2-3 cents lower.