The grain markets experienced a rough start to the week on Monday as weather forecasts 10-14 days out predict cooler and wetter patterns to bring relief to areas in need of some rain. Hot, dry forecasts do remain in the next 7 days, however. Corn futures lost 25-31 cents/bu as spot prices settled out at $6.5925/bu and new crop December closed at $5.8125/bu, respectively. Soybeans softened nearly 40 cents across the board with new crop printing a closing price of $13.9525/bu. Soybean meal futures lost $9-$10/ton in both 2021 and 2022 contract months. The wheat complex was also down anywhere from 7 cents/bu in Chicago to 19 cents in Minneapolis.
Over in the dairy complex, thinly traded markets were once again a story. July contracts traded 137 times which was the highest of all months. Class III 2021 settled out anywhere between even to 7 cents lower whereas 2022 was even to 14 cents stronger. Class IV had August up 11 cents/cwt on the day. Product markets finished with butter 3 cents higher to $1.8225/lb on 10 loads trading. Cheddar blocks added a half cent on 3 trades and ended at $1.505/lb. Cheddar barrels lost ¾ of a cent to $1.665/lb on 5 trades. Nonfat dry milk strengthened ¾ of a cent to $1.3075/lb. Dry whey fell a half cent to $0.6225/lb.
