Milk Prices Move Lower, Grains Higher
Butter returned to the spotlight on Monday as 22 loads traded hands between buyers and sellers. However, prices did finish 1.5₵ lower at a final price of $2.0925 per pound. Block cheese was the antithesis of that. No one showed up and no trades took place. Final block cheese prices remained unchanged from Friday at $1.48 per pound. Barrels did garner an offer, however it did not move the market. Barrels finished at $1.4175 per pound, the same as Friday, and again no trades took place. The spread between block and barrels remains at 6.25₵.
Grade A nonfat dry milk followed the butter lower, moving down 0.75₵ to 86₵. However, like cheese no trades took place.
Looking at the Class III markets we find prices marginally lower. Months in the July - October corridor were higher while the balance of the year traded lower. The average price through December remains at $16.07 per cwt. Class IV markets did not trade.
Amid rather uneventful dairy markets, excitement came from the grain complex where wet weather throughout the Midwest and burgeoning rains caused planting delays and a market response that took prices higher. Corn was up approximately 10₵ while soybeans moved roughly 13₵ higher. Wheat was up 22₵ on potential freeze damage.