Milk Prices Heat Up For Summer
Class III and IV milk markets were higher across the board to begin this week.
Class III settled 4-7 cents higher and closed at a second half average price of $17.04 per cwt. Class IV had similar trading activity as months gained 2-12 cents per cwt. to a second half average of $17.40 per cwt. Prices were supported Monday by a higher cheddar block trade. Blocks added 3 and a quarter cent to $1.78 and a half cents per lb. One trade was moved while one bid was left uncovered in the market.
Cheddar barrels traded four loads but closed unchanged at $1.53 and a half cent. Butter lost a penny to close at $2.38 and three-quarters following six trades. Dry whey lost three-quarters of a cent to 35 and three-quarters following a single trade. Grade A nonfat dry milk ended unchanged at $1.05 and a half cents with three unfilled bids and offers left in the market.
Grain markets traded a smaller range than what we have considered the new normal as of lately. Corn settled even in July at $4.15 and three-quarters and was up three-quarters of a cent to $4.34 and a half. Soybeans added 2-3 cents while bean meal traded a buck higher. Wheat gained three cents in Chicago, 4 cents in Kansas City and was even in Minneapolis.
The crop progress report released Monday afternoon showed that 83% of the country has now been planted leaving 15 and three-quarter million corn acres unplanted. Soybean planted acres were reported at 60% vs. a five-year average of 88% Tomorrow the USDA will release their June World Agricultural Supply and Demand Report at 11 a.m. central.