China has eased some COVID protocols but that did not translate into significant news for dairy. Dairy Products were mixed today on the CME Spot trade with low volume. The only volume to speak of was the 5 lots traded of Nonfat dry milk, as it shed a penny and a half down to $1.3650. Spot cheese blocks were up 2 and a half cents to $2.0950 while barrels were flat at $1.9500. Drey whey inched lower to $0.4350. February Class III milk futures found support at $19.18 yesterday as it rallied 9 cents up to $19.27 today. February Class IV was not so lucky, as it gave up 11 cents down to $19.68.
The USDA WASDE report left markets unchanged as it was inline with expectations. Corn ending stocks were raised 75 million bushels because of lack of export bids while soybeans and wheat were left unchanged from the November report. Corn traded sideways with March finishing at $6.44 even. March Soybeans slid downward two cents to $14.8825 while March Meal tacked on another $6.20 settling at $468.60. July Wheat experienced another negative day, finishing 10 and ¾ cents lower to $7.4925.
Cattle were up on the day as February Live Cattle hopped up $1.625, finishing at $155.550. January Feeder Cattle gained 45 cents to $183.925. February Lean Hogs were down again, settling 70 cents lower to $84 even. Crude Oil found support at about $71 per barrel, finishing the day at $71.21. The Mini Dow and S&P 500 Futures were both in the red today, with both March Futures down to $33,74.00 and $4380.10, respectively.
