Red dominated the markets Thursday as the grain complex continued it’s correction lower. After what had seemed like a perpetual move higher, we finally can take a breath and assess our feed needs for the year to come. Corn was down limit in July to 6.74 ¾, falling 40 cents, while December slipped 34 ¾ cents lower to 5.58 ¼. Soybeans fell 58 ½ cents in July to 15.84 and Soybean meal slid 27.40 to $421.40/ton.
The CME spot market saw Cheddar Blocks move a massive volume. 14 loads traded pushing the price down 2 ½ cents to 1.78 ¾, however barrels evened us out, gaining 2 ½ cents to 1.78/lb, putting our block/barrels spread at just ¾ of a cent. Butter continued to move into new highs at 1.86 1/2 , gaining a penny and half.
Grade a Non Fat Dry milk gained a quarter of a cent to 1.31/lb and Dry whey gained half a penny to $0.63 1/2/lb.
Class IV milk jumped higher to print $18 for fall. May finished the day up 12 to 16.21, June up 16 cents at 17.00, and July up 33 cents to 17.45/cwt.
Class III gave back some of yesterday’s impressive gains. May fell 4 cents to 19.03, June down 2 to 19.62, and July fell 20 cents to 19.88/cwt.
