September 13, 2018

Milk Prices Predicted To Take A Hit In 2019

 |  By: Know Your Market

After the USDA raised yields on corn and soybeans on Wednesday, grain prices fell again on Thursday. Corn closed at $3.50 and a quarter, down 2 cents on the day. November beans dropped 6 and three-quarter cents to $8.33 and two-tenths while bean meal was down 3 and a half dollars per ton. The wheat complex declined 9 and three-quarter cents in Chicago, 5 cents in Kansas City and 3 cents in Minneapolis. 


CME spot product markets had butter 3 and three-quarter cents higher at $2.23 and a half cents per lb. Five trades were made along with 8 bids. Cheddar blocks fell a penny to $1.62 per lb. while barrels softened 1 and a half cents to $1.47 per lb. Grade A nonfat dry milk declined a half cent to 87 and a quarter per lb. and dry whey was unchanged at 52 and a quarter following 1 trade and 1 uncovered bid. 


Class III milk markets were even in the September contract, down 18 cents in October and 8 cents lower in November and December, respectively. The 2019 prices were 5-7 cents softer in most months. Class IV milk markets had September even on the day while the 4thquarter settled even to down 10 cents. The 2019 prices fell as well. 

This block is broken or missing. You may be missing content or you might need to enable the original module.