Mixed Bag For Milk Markets Tuesday
Dairy markets on Tuesday were a mixed bag. Class III markets ranged from 5 cents lower to 6 cents higher. The second half of 2019 settled with an average price of $17.40 per cwt. 2020 markets declined 2-13 cents per cwt. Class IV markets for 2019 ranged from 6 lower to 8 higher. The 2nd half for Class IV closed at $17.34 per cwt.
CME spot product markets watched butter add 1.5 cents to finish at $2.4175 per lb. Cheddar blocks gained a half cent and ended at $1.845. Barrels were unchanged at $1.72 per lb., 6 loads moved from seller to buyer. Dry why traded a quarter cent higher to 35.5 cents on 7 trades. Grade A nonfat dry milk lost a half cent to $1.035.A lot of activity was seen in dry milk as 5 trades took place as well as 4 uncovered bids and 10 offers.
Grain markets watched choppy trade all day Tuesday following USDA’s crop progress report on Monday afternoon. Corn gapped higher overnight and traded as high as $4.53 on the July contract but closed a penny off the lows at $4.475 per bu. Corn had 96% planted with 56% of the crop rated good-to-excellent, down 2% from the previous week. Soybeans were 85% planted with 54% of the crop rated good-to-excellent. Soybeans lost 6 cents on the day and were 15 cents off the highs.