Mixed Results In The May Cold Storage Report
The USDA released its monthly cold storage report for May on Friday. Total natural cheese stocks in refrigerated warehouses ended up just short of 1.4 billion pounds, down 1% from April but unchanged from last year. Butter stocks totaled 314 million, down 7% from a year ago but 8% above last month’s levels. Beef in inventory fell to 403 million pounds, 13% lower than last year and 6% behind last month.
CME spot product markets to finish off the week were mainly higher. Cheddar barrels traded 12 loads and 1.75 cents higher to $1.7375 per lb. Blocks added a quarter cent on 2 trades and ended at $1.825. Butter closed a quarter cent higher to $2.39 per lb. Grade A nonfat dry milk traded a half cent stronger to $1.045 per lb.
Class III milk markets ranged from 4 cents lower to six higher. 202 prices were up modestly as well. Class IV markets were mixed. July traded 8 higher, August was up 7, September dropped 2 and November gained 3 cents.
Grain prices witnessed some profit taking late in the session on Friday. Corn prices lost 7.5 cents while soybeans fell 13. Chicago wheat declined a penny, Kansas City was down 6 and Minneapolis fell 1.5.