Milk Futures Start the Week Mixed
Fresh cheese continues to be readily available in the CME Cash Dairy Product Trade. Block cheese lost 3.25 cents to $1.6175/lb. on 11 trades. Barrel cheese tumbled 6 cents to $1.4875/lb. Butter fell 2.50 cents to $1.3950/lb. on 2 trades. Grade A Nonfat Milk gained half a cent to $1.1475/lb. Dry Whey rose ¼ cent to $.4650/lb.
Class III milk futures traded higher only to change directions as we moved through the spot cheese trade. January milk decreased 31 cents to $15.49/cwt. February milk dropped 28 cents to $17.21/cwt. March lost 15 cents to $17.36/cwt. April-December settled 2 cents higher to 14 cents lower. February Class IV milk traded 11 cents higher to $14.17/cwt and was the only class IV month to trade.
The grain markets experienced a wild ride, soaring higher on the Sunday over night session before turning negative. Markets bounced back to close the day slightly in the green. March corn lost ¼ of a cent to $4.8375/bushel after trading up to $4.9775. March soybeans traded as high as $13.4950 to settle the day at $13.13/bushel. March soybean meal declined $7.20/ton to $427.20/ton. March Chicago Wheat climbed 1.50 cents to $6.42/bushel.
February live cattle fell $2.72 to $112.30/cwt. January feeder cattle declined $4.00 to $134.95/cwt. February lean hogs climbed 95 cents to $71.22/cwt. February crude oil fell $1.24 to $47.28/barrel.
