Economic - Markets

Milk Prices Headed in the Wrong Direction

CME spot dairy auction products began the trading week on the wrong foot. Cheddar blocks lost 7 cents on offers and landed at $1.68/lb. Barrel cheese declined 2.25 cents with its settlement coming in at $1.53/lb. One load was traded. Whey suffered a 3-cent hit as 15 loads were exchanged from seller to buyer. Whey stands at $0.3325/lb. Butter and nonfat dry milk were both unchanged on Monday at $2.40/lb and $1.165/lb, respectively.

 Class III milk futures were beat up across the curve on Monday.  May futures dropped 43 cents and printed a $16 handle in front of it.  May ended at $16.89/cwt.  June was right behind it as that contract slid 42 cents to $17.55/cwt.  3rd quarter 2023 ranged from 16-33 lower while the 4th quarter was off 12-22 cents.  Class IV markets settled Monday mostly unchanged but did fall 4 cents in August, 2 in September, and 3 in October.  A couple of after settlement trades took place in January and February 2024 that took those months into the green.


Grain prices also weakened on Monday as May corn declined 12 cents to $6.50/bu and the new crop December contract was a half cent lower at $5.475/bu.  Soybeans softened 8-13 cents across its curve.  Meal prices were $2-$6/ton lower.  The wheat complex ranged from 4-16 cents lower.

Source: Collect
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