Dairy Markets are teaming with volatility. Class III markets continue to be confused on which direction they want to go. Block Cheese went up $0.0025 to $1.8650 with no lots traded. Barrels came down 2 cents to $1.7600, causing August Class III to only gain 2 cents to $17.04. Butter increased a couple more cents to $2.6925, running with the cold storage news of a deficit of 7 million lbs. compared to the average of 5 years. Nonfat bounced off the ceiling, losing a quarter cent to $1.1475. Class IV has sustained its rally, climbing to $19.02 in August.
The bears took over the grain markets with corn, beans, and wheat sliding down to $5.4225, $13.98, and $7.1275. Feeder Cattle and Lean Hogs liked the action in grain markets, with spot prices rising to $242.29 and $105.79, respectively. Crude Oil went and tested $80/barrel but was quickly rejected as it settled back below to $79.82. September Fuel has followed crude, finishing above $2.90/gallon in September.
