Barrels were the lone product to claw higher in the CME Cash Dairy Product Trade. Barrels gained 2.25 cents to $1.4125/lb. Block cheese declined 3.25 cents to $1.5575/lb. Butter kept firm at $1.2925/lb. Grade A Nonfat Milk fell 2.75 cents on a whopping 33 trades. Dry Whey remains at $.5350/lb.
Nearby Class III months suffered further weakness. Both February and March milk lost 17 cents to $15.55 and $16.08/cwt. April and May decreased 1-9 cents while the rest of 2021 gained 10-15 cents. Class IV milk settled lower with the drop in Nonfat Milk.
After an initial setback on the overnight session, grains finished strong to end the day session. March corn gained 9 cents to $5.52/bushel. This is the first settle price above $5.50/bushel on the March contract. March soybeans ripped 16.50 cents higher to $13.7150/bushel. March soybean meal jumped $7.50/ton to $435.50/ton. March Chicago Wheat added 3.50 cents to $6.4850/bushel.
Red and green ink were seen in the cattle and hog markets. February live cattle lost 50 cents to $115.47/cwt. March feeders dropped 60 cents to $138.52/cwt. February lean hogs climbed 82 cents to $72.37/cwt. March crude oil surged $1.06 to $55.82/barrel.
