July 18, 2019

Milk Prices Inch Higher While Grain Prices Slide

 |  By: Know Your Market

The butter market was the most active Thursday. Butter traded 18 loads and a half cent lower to $2.41 per lb. Cheddar blocks added a half cent to $1.78 per lb. on a single bid. Barrels saw two loads move from seller to buyer and its price rose 1.5 cents to $1.705 per lb. Grade A nonfat dry milk ended the day unchanged at $1.0125 despite 17 offers left hanging in the market. Dry whey traded twice and a penny higher to 33.5 cents per lb. 

Class III milk markets closed Thursday slightly higher. July added 11 cents while August through November gained 2-3 cents and December declined 2 cents. 2020 prices added 2-10 cents out through October. Class IV markets were 3-8 cents higher September 2019 through February 2020. 

Grain prices continued to slide on Thursday following a cooler and wetter forecast change. The corn market lost 11.25 cents and settled at $4.2975 per bu. Soybeans declined a penny and a half to $8.99 per bu. The wheat complex softened 12 cents in Chicago, 9 cents in Kansas City and 3 cents in Minneapolis. 

The livestock markets had fat cattle down a half cent per lb., feeders fell a penny and a half, and the hog market was mixed.