Dairy Markets Take a Break
Finally, a quiet day in the milk markets. Volatility has dominated most of the commodities over the last few weeks and Wednesday is the first day we dare call BORING in quite some time.
The CME spot trade had Butter unchanged at $1.28/lb., cheese unchanged with blocks at $1.59 ¼, and barrels at $1.40/lb.
The dairy powders bounced back, Grade A nonfat dry milk moved 15 loads and gained 1 ¼ cents to $1.16 ½, and dry whey gained 1 ¼ cents to $0.51/lb. on 2 trades.
Class III milk had January up 1 cent to $16.14, February up 15 to $15.52, and March gained 9 cents to $16.65. The balance of 2021 was 5 lower, to 10 higher.
Class IV milk also saw small gains. January unchanged at $13.80, February unchanged at $13.71, and March up 1 to $14.23. The balance of 2021 5 lower to 4 higher.
The grain complex saw some big swings, but settle not far from Tuesday, continuing to climb back towards contract highs. Corn gained 1 ¾ cents to $5.34 after making new contract highs overnight at $5.43 ¾. Soybeans gained 4 ½ cents to $13.74 ¾, and soybean meal gained 10 cents to $436.60/ton.
