Barrels ended the week with strong price action, moving 6.50 cents higher to $1.6725 in the CME Cash Dairy Product Trade. Blocks gave back yesterday’s gains to settle at $1.50/lb. Butter saw 0 trades, remaining at $1.7925. Grade A Nonfat Milk ended the week at $1.30/lb. Dry Whey climbed ¾ of a penny to $.6275/lb.
Class III milk futures finished the week trading a tight window of prices. Prices settled plus or minus 10 cents of yesterday’s settlement prices. This type of price action has been the trend all week. Class IV prices saw little to no volume or movement.
Moving along to the grain complex, July soybean meal added $1.70 to $383.30/ton. December corn bounced back off of today’s lows to $6.0975. November soybeans lost 20.75 cents to $14.3875/bushel, about 14 cents off today’s lows. September Chicago Wheat fell 4 cents to $6.8575/bushel.
Cattle were higher, with lean hogs taking a step back. August live cattle was up $1.47 to $120.02/cwt. August feeders surged $2.77 to $151.17/cwt. July lean hogs decreased $1.35 to $119.97/cwt. July crude oil gained 47 cents to $70.76/barrel.
