Milk Prices Predicted To Take A Hit In 2019
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.