USDA cold storage completed a quiet but softer dairy trade day. U.S. Butter stocks declined 18.2 million pounds in July to 332 million. That compares to an average pull back of 8 million pounds. Cheese stocks fell 21.7 million pounds to 1.489 billion pounds in storage. The five year average draw down from June to July is 1.9 million. This lines up with the bounce higher in cheese prices as we transitioned from June into July.
Class III milk was mixed to slightly lower with August gaining 2 cents to $17.24, September down 11 to 18.39, with October following, down 11 cents to $17.75/cwt. Class IV was unchnaged in August at $18.91, September down 5 cents to $19.07, and October down 8 to $18.98/cwt.
The CME spot trade was mixed as well with Cheddar blocks tumbling 5 ¾ cents to $1.89, Barrels down ¾ of a cent to $1.80 ½ and Butter gaining 1 ½ cents to $2.70 1/2/lb. Grade A Non Fat Dry milk fell ¾ of a cent to $1.09 ½ but Dry whey gained a half cent to $0.26/lb.
Grain markets rebounded as the trade day progressed with corn clawing back 11 cents to $4.90 1/2, Soybeans jumped 14 ½ to $13.60 1/2/bu, with Soybean meal gaining $6 in the December contract to $401/ton.
With Ever.Ag this is Jenny Wackershauser on know your Markets.
