Milk Markets Take a Wild Ride Higher

A limit move-up in September Class III milk came from the result of a bullish milk production report coupled with a second consecutive healthy cheese spot trade.
A limit move-up in September Class III milk came from the result of a bullish milk production report coupled with a second consecutive healthy cheese spot trade.
(Canva)

What a wild ride for my dairy today! A limit move-up in September Class III milk came from the result of a bullish milk production report coupled with a second consecutive healthy cheese spot trade. Blocks and barrel came up 13.5 and 12 cents, respectively. That brings us to $1.72 blocks and $1.5850 barrels while whey gained a penny to 25 cents per pound. Butter lost a quarter cent on the spot trade as nonfat accepted a half cent. September Class IV increased 33 cents to $18.30. 

December corn slipped almost 7 cents to $5.4625. November Soybeans gave up 4 cents to $14.0475. December Soybean Meal did the same, losing 4 dollars down to $410.60. Nearby Wheat was almost flat at $7.2700. August Live Cattle slipped back after contract highs down to $181.350. August Lean Hogs, however, picked up steam to $100.625 with the whole forward curve up about 1 dollar/cwt. Crude Oil stayed around $75/barrel.

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