Blocks and barrels once again saw upward moves after last week’s stagnant trade in the block cheese market. Blocks surged 7.75 cents on one trade to $1.7350 per lb. with barrels jumping 6.75 cents on five trades to $1.4275. Dry whey remained at 54 cents per lb. Butter declined 1 cent to $1.67 while nonfat lost just 1/4 of a penny to $1.2550 per lb.
Class III milk futures exploded higher for the first time in a while with August up just 10 cents being 85% priced. September rallied 71 cents to $17.29 per cwt. Class IV saw November milk gaining 13 cents.
The grain markets were mixed as the relatively quiet trade continues ahead of the August WASDE report at 11 a.m. on Thursday. December corn settled just 1/2 of a penny lower, seemingly unwilling to break out in either direction until the USDA releases their yield numbers on Thursday. November soybeans added 7 cents to $13.3675 per bu. August soybean meal finished 70 cents higher to $360.30 per ton. Chicago wheat jumped 15.75 cents to $7.27 per bu.
Cattle brushed up against resistance early this morning but lost some of the steam throughout the trading session. August cattle was up 65 cents to $123.65 per cwt. August feeders gained 2 cents to $159.32 per cwt. October lean hogs lost 72 cents to $83.87 per cwt. as the downward trend continues. Crude oil had a strong session, gaining $1.96 to $68.44 per barrel.
