Milk Up 15 Cents, Corn Down a Dime
If a lack of rain and heat is what drives a market higher, then it would make sense that cooler temperatures and precipitation would take it lower. That was the story for grain markets on Monday, as cooler and wetter forecasts provided relief to the hot and dry weather that has gripped the Midwest. In the end corn futures finished 10 cents lower with soybeans following suit, also 10 cents lower.
That fate would not be shared by the dairy markets. Class III milk was up approximately 15 cents over the second half of the year, and while Class IV only traded one month, those prices were also higher.
In Monday’s spot trade butter rose 3 ½ cents to finish at $2.51, closing the gap from last week’s sell off. Block and barrel cheese both were unchanged. Blocks finished at $1.63 and barrels at $1.41 ½. The spread between the two still stands at 21 ½ cents and marks the second longest period of time that the spread has maintained a value greater than 20 cents since December of 2009.
Grade A nonfat dry milk finished at 90 cents, down ¾ of a cent. Whey futures contracts traded little volume in Monday’s session with most months finishing close to unchanged.