A softer CME spot dairy auction led to a step back in milk price on Thursday. Cheddar barrels declined 1.5 cents/lb and settled at a value of $1.425/lb as two loads moved from seller to buyer. Blocks traded one time but fell 2 cents and closed at $1.51/lb. Grade A nonfat dry milk dropped 1.5 cents/lb to $1.095/lb. Seven transactions took place. Both whey and butter ended unchanged with zero volume.
Class III markets turned in another low volume trade on Thursday which has become the norm recently. Just 291 contracts traded in March which was the most active month. March weakened 27 cents while April was down 21. Months beyond April ranged from even to 16 cents lower. Class IV months were mainly unchanged throughout.
Grain values were affected this morning by USDA’s annual Ag Outlook Forum. Projections on acres were released at 92 million areas on corn and 90 million for soybeans. The Planting Intentions report will be a must watch at the end of March. Corn fell 2 cents with $5.50/bu printed as its settlement price. Soybeans declined 8 cents with $13.75/bu as the spot price. Wheat jumped across its complex 8-18 cents/bu.
