CME product markets on Monday tilted to the negative side to kick off the week. Butter led the weakness as 9.5 cents fell out of the market and settlement came in at $2.575/lb. Barrel cheese and whey each lost a half cent and closed at $1.55/lb and $0.39/lb, respectively. Nonfat dry milk closed unchanged at $1.1650/lb. Block cheese rose 2 cents to $1.60/lb.
Class III milk markets closed in the green on Monday on a low volume day. January through June ranged from 3-12 cents stronger. First quarter is averaging $16.86/cwt while the second quarter is at $18.11/cwt. Class IV markets were flat to down 7.
Grain markets suffered a 2-4 cent drop which followed a weaker wheat complex. Wheat ranged from 15-29 cents lower on Monday. The soybean complex saw meal gain $5-$9/ton while soybeans were up 30 cents.
