Global Dairy Trade event #298 took place Tuesday morning and the price index closed 1.5% lower. The main culprit for the index settling lower was Whole Milk Powder falling 3.3% lower to $1.75/lb. Skim Milk Powder tacked on 0.6% to $1.70/lb. Butter traded to $2.60/lb when adjusted to 80% butterfat. Cheddar prices gained 0.5% to $2.37/lb.
Tuesday’s CME spot dairy trade had both blocks and barrels unchanged at $1.86 and $1.6250/lb. Butter advanced a nickel to $2.1425/lb. Nonfat Milk fell 1.50 cents to $1.6625/lb. Whey was down half a penny to $.7250/lb.
Strength was seen in the grain complex. March corn jumped 7.25 cents to $5.9825/bushel. January soybeans rallied 15.75 cents to $13.08/bushel. March soybean meal finished $7.20 higher to $390.50/ton. The wheat complex closed 5-28 cents in green.
The livestock sector settled higher on the day too. February live cattle added 95 cents to $136.92/cwt. January feeder cattle increased $1.62 to $160.85/cwt. February lean hogs rallied $2.95 to $82.42/cwt. February crude oil surged $2.81 to $71.42/barrel.
