No Early Christmas For Milk Prices
The markets on Monday failed to produce any early Christmas gifts from farmers.
Cheddar blocks had the largest lump of coal dropped in its stocking as it lost 4 cents to $1.35 per lb. Butter declined 1 and a half cents to $2.19 following a single trade. Grade A nonfat dry milk fell 1 and three-quarter cents to 92 and a quarter per lb.
Both cheddar barrels and dry whey were unchanged. Barrels settled at $1.29 and a half cents and dry whey at 49 cents, respectively. Class III milk fared no better. January to May 2019 milk softened 9-15 cents while months beyond closed 2-5 cents lower. Class IV milk saw similar results.
Corn prices traded a half cent lower, soybeans were down 1 and a half cents, bean meal was up a dollar per ton and wheat closed 2 cents higher in Chicago. Live cattle traded 30 cents higher while feeders were up 12 cents. Crude oil was served up another loss as it fell $2 per barrels and the stock market sold off another 710 points to 21,697.