Butter started the week lower as it dropped 7 cents to $1.31/lb. in the CME Cash Dairy Product Trade. Block cheese gained 4.50 cents to $1.9650/lb. on 8 trades. Barrels remained at $1.6525/lb. Grade A nonfat milk lost ½ of a penny to $1.1850/lb. Dry whey was even on the day at $.50/lb.
Class III futures ended the day mixed after showing initial strength mid-morning. January crept 11 cents lower to $16.59/cwt. February tumbled 22 cents to $19.48 after breaking through the $20 mark earlier in the day. 2021 is averaging $17.87/cwt. Butter spearheaded Class IV moving 1-34 cents lower in February through April.
The grain markets also lost steam after the strong overnight session. Spot corn was down 4 cents to $4.9225/bushel. March soybeans fell 2.25 cents to $13.7250/bushel. January soybean meal finished at $451.80/ton. March Chicago Wheat dropped 4 cents to $6.3475/bushel. The market is awaiting the USDA January WASDE Report and the Quarterly Grain Stock Report. Both reports will be released tomorrow.
Fats and feeders printed both red and green ink. February live cattle fell $1.07 to $113.40/cwt. March feeders gained 7 cents to $136.90/cwt. February crude oil inched 3 cents lower to $52.21/barrel.
