Milk Prices for 2019 Climb
After closing 15 cents higher on Wednesday, Class III milk markets followed through and ascended 2 cents higher in 2018 as good volume showed up. At the close, the second half average was offering producers $16.58 cents per cwt., just 23 cents from the $16.81 peak established two and a half weeks ago.
The 2019 milk prices were also up 9-17 cents in the January-July time frame. August to December months were unchanged. The first half of 2019 average settled at $16.24 cents per cwt. Class IV market results had August up 3 cents, September and November a penny higher, while march 2019 was 6 cents.
CME spot product markets led milk higher. Cheddar blocks gained 2 cents after 10 trades, 6 bids and 1 offer to $1.60. Cheddar barrels strengthened 1 and ¼ cents to $1.51 and ¾ cents per lb. Butter added a penny after moving 3 loads to $2.39 per lb. Dry whey increase ¼ cent to 40 and ¾ cents while Grade A nonfat dry milk closed unchanged at 81 and ¼ lb.
Grain markets were lower all day in corn and soybeans. Long liquidations of managed money has caused a 31 cent fallout in the corn market over the past 2 weeks and a 65 cent drop on soybeans in that same time frame. December corn futures settled today at $3.97 cents while November soybeans closed at $9.95 a bushel.