Milk and Feed Prices Fail to Feed the Bulls or the Bears
It was a snoozer of a Tuesday across the commodity spectrum. Milk and feed failed to feed the bulls or the bears and continue to be rangebound. The Global Dairy Trade Event 280 started the day with its first lower showing in several weeks, but not a surprise after two weeks ago having huge gains. The price index was down just 3.8%. Cheddar didn’t trade, Butter fell 2.8%, and Whole Milk powder was down 6.2% after is 22% move higher last time.
Lactose and Skim milk powder saw a bump with Lactose up 8.6% and Skim milk up seven tenths of a percent.
The CME spot trade saw only 5 loads in total trade. Two of those were butter, falling half a penny to $1.71/lb., 1 cent in Cheddar barrels which fell a quarter of a cent to 1.54 ¼, and 3 cents in Non Fat Dry milk – which held unchanged at $1.17 ¼. Cheddar blocks held unchanged at $1.80 with no trades, and Dry whey up a quarter of a cent to $0.59 3/4/lb. with no trades.
Class III milk slipped lower on very low volumes. March gained a penny to $16.35, but April's fell 10 cents to $17.42, and May fell 13 cents to $18.05/cwt. Class IV was unchanged across the board – March at $14.36, April at $15.07, and May at $15.45/cwt.
The Feed and Grain complex saw corn gain 4 ¾ cents to 5.54 ¼, Soybeans gained 3 ¾ cents to 14.23 ¼, and Soybean meal fell $1.30 to $406.10/ton.
