Unlike earlier in the week, CME spot product markets all retreated on Thursday. Butter led the complex freefalling 9.25 cents to $2.5975/lb. Two loads were traded. Cheddar blocks declined two cents on offers and closed at $1.60/lb. Barrels dropped a penny to $1.67/lb. Powder declined two cents and settled at $1.20/lb. Whey was off half a cent on Thursday.
Class III milk futures took it on the chin Thursday and gave up early in the week gains. December lost 34 cents while January was off 25 cents, February dropped 31 cents, and March was down 19. Remaining months ranged from 8 higher to 4 cents lower. Class IV contracts were mostly unchanged but leaned a bit weaker.
Grain markets closed in a mixed fashion. The soybean complex traded all day Thursday around 20 cents lower while soymeal made a big comeback, but still closed a couple of cents lower. The wheat complex ranged from 5-10 cents softer. Corn bumped the trend and turned in a 4 cent gain on Thursday.
