Dairy products rebound was cut short to just one day, yesterday. The spot trade fell ever so slightly across all products. Cheese found a ceiling as Blocks slipped a quarter of a cent to $1.98750 while Barrels fell a half a penny to $1.6650. Dry whey also lost a quarter of a cent to $0.3250. Butter took off a penny and a half to $2.26750. Nonfat Dry Milk gave up a half cent to $1.16750. Class III Q2 Futures tumbled 13 cents to $18.72 while Class IV Q2 Futures lost two cents to $18.56, giving Class III the upper hand.
Grains were all positive today except for soybeans, as the March contract fell a penny and a half to $14.8850. March Corn gained back 10.75 cents as it settled to $6.77 even. March Wheat took back 14.5 cents as it found its way up to $7.3450. May Soybean Meal increased a $1.40 per ton to $448.80.
Livestock markets were mixed on the day. February Live Cattle finished almost 38 cents up to $157.850 while January Feeder Cattle ratcheted back to $178.950, down 22.5 cents. February Lean Hogs gave up almost 50 cents down to $77.10. Crude Oil finally lost some ground as it slid to $80.25, and Heating Oil lost ten cents to $3.4539. Expect Crude Oil to be supported as China steps back in as a big buyer, perhaps the largest consumption year on record for the country.
