Class III Milk markets have been less than exciting. Spot blocks were unchanged at $1.4350 per pound, with zero lots trading. Barrels dropped to $1.4200 per pound, $0.0400 lower, with four loads changing hands. The April Class III contract slipped to $15.77 per hundredweight, giving up 15 cents. April “all cheese” futures dipped to $1.5610 per pound, losing 1.5 cents. Spot dry whey advanced to $0.4200 per pound, tacking on a half-cent, with zero lots changing hands. Second quarter dry whey contracts settled at $0.4590 per pound, $0.0058 lower.
Class IV milk has been much firmer. However, New Zealand Whole Milk Powder Futures are making new lows in the Q3 time frame. Spot butter jumped to $2.8325 per pound, gaining three cents, with one lot exchanged. The April butter contract climbed to $2.8225 per pound, adding three cents. Spot NDM totaled $1.1700 per pound, $0.0025 higher, with one load trading. SMP prices at the latest GlobalDairyTrade Pulse event slipped to $2,610 per metric ton, or $1.18 per pound, down 3.9% versus the previous Pulse and -0.2% compared to Contract 2 at the most recent main auction. WMP prices dipped to $3,188 per metric ton, or $1.45 per pound, down 1.8% Pulse-to-Pulse and -1.9% versus the latest main event. April NDM futures decreased to $1.1775 per pound, shedding $0.0015.
March corn futures lifted to $4.2900 per bushel, gaining $0.0075. The March soybean contract rose to $11.8200 per bushel, 17 cents higher. Soybean Meal futures gained another couple of dollars following Soybeans. Wheat lost a cent or two, with July settling to $5.6075 after numerous Chinese export cancellations. Energy markets have backed off after poor demand signals from the globe, especially China.
