CME spot dairy product markets turned in another favorable round of trade on Monday. Markets were paced by the barrel cheese and butter complexes. Barrels gained 2.5 cents/lb to $1.80, two loads were transacted. Butter added 3 cents as fourteen loads were exchanged from seller to buyer. Whey was up a quarter cent to $0.275/lb. Nonfat traded thirteen times, but closed unchanged on the day. Block cheese was also unchanged.
Class III milk markets were able to return some of the value lost late last week. August closed 16 cents higher to $17.36/cwt while September through November bounced 40-46 cents higher while December gained 24 cents. First quarter 2024 finished 20 cents better with an $18.28/cwt average. Class IV milk markets ended unchanged across the board with zero volume in any contract month.
Grain markets saw weakness in the corn and soybean markets, while wheat turned higher. Corn lost 1.5 cents/bu and ended at $4.9575/bu. Soybeans declined 31 cents to $13.02/bu, while meal dropped $6/ton. The wheat complex ranged from a couple cents higher in the Minneapolis market to 24 stronger in Chicago.
