Butter Trades at its Lowest Since Covid Crash
Butter continues to struggle and led to a mixed dairy trade on Monday. The CME spot trade saw butter fall 3 ½ cents to 1.21/lb. This is the lowest trade we have seen since the lows of March and April’s Covid crash. Cheese saw blocks gain ¾ of a cent at $1.58 ¼ on 4 loads trading, with barrels holding unchanged at $1.39/lb.
Grade A Non Fat Dry milk also fell 2 cents to $1.15 1/4/lb. Dry Whey held unchanged at $0.53 1/2/lb.
Class III milk was mixed with February up 14 cents to 15.50, March fell 47 to 16.17, and April fell 29 to 16.47/cwt. The balance of 2021 was unchanged to 16 lower.
Class IV struggled to not follow butter and Non fat, February fell 3 cents to 13.54, March fell 19 to 13.99, April fell 10 cents to 14.69/cwt. The balance of 2021 was unchanged to 18 lower.
The grain complex had corn up 2 ¼ cents to 5.49 ¼ after setting new contract highs on the overnight at 5.55 ¾. Soybeans failed to hold their overnight gains, falling 4 ¾ cents to 13.65 ¼, and Soybean meal fell 50 cents to $430.50/ton.
