Class III milk turned in another interesting trade on Wednesday as futures markets traded as high as the limit of $1.50/cwt before decreasing and settling near 75-80 cents stronger in January and February. Between the first two months of the year over 2,000 contracts traded in a high-volume day. March also traded in the green today turning in an increase of 21 cents/cwt. Beyond the first quarter of 2021, however, prices ended in the red ranging from 6 to 25 cents lower. Class IV markets failed to find much traction and just 2-3 contracts traded in each month of that market.
After a stronger cheese trade on Tuesday, CME cheddar block and barrel markets each stepped back on Wednesday. Barrel cheese lost 7 cents and settled out at $1.555/lb while block cheese traded 2.75 cents lower to $1.6475/lb. Both dry whey and nonfat dry milk each closed unchanged on the day. Butter was the lone product to add value gaining a half cent to $1.525/lb with 15 loads exchanging hands.
Grain markets turned in another strong day of trade. Corn values reached $4.50/bu in March, May, and July of 2021. Soybeans rallied 11.5 cents/bu and ended with January at $12.5875. Meal prices extended their upward movement adding $6/ton. The wheat complex joined the party and turned in an 8-12 cent stronger trade.
