Milk Prices Walking A Flat Line
It was a quiet day in the dairy market on Tuesday. The CME spot product trade saw Butter gain a quarter of a cent to $2.39 1/2/lb with 2 trades, 7 bids and 2 offers. Cheddar blocks were unchanged at $1.84 with 6 loads trading hands. Cheddar barrels however fell 1 cent to $1.76 with 15 loads trading hands, no bids remaining but 8 offers left.
Grade A non fat dry milk fell a quarter of a cent to $1.03 3/4/lb with 1 load trading, and 7 bid and 7 offers remaining, Dry whey lost half a cent to $0.32/lb with 2 loads trading hands.
This saw a fairly flat/mixed day in Class III milk. July gained 5 cents to $17.38, August and September were softer as the day traded and finished down 3 in Aug at 17.80 and September gained 1 to 17.96. First Quarter of 2020 was mixed as well ranging from 4 cents lower to 2 cents higher and averaged $16.73/cwt.
Class IV milk gained back some of yesterday’s losses. July was unchanged at $16.91, August gained 5 to $17.14 and September gained 13 cents to finish at $17.36/cwt.
Grain markets had a mixed day. July corn fell 6 ¾ cent to $4.31 ¾, July Soybeans gained 7 ½ cents to $8.82 ¾ which pulled July Soybean meal $3.70 higher to $307.90/ton. July Chicago Wheat fell 7 cents to $5.09 3/4.