Ag markets added risk premium on Monday as hot weather, a war, and aggressive buyers press forward. Corn surged 32 cents/bu in the December contract settling out at $5.6825, the highest price since June 27th. Soybeans gained 23 cents in new crop with settlements coming in at $14.24/bu. November did print a new one year high of $14.35/bu. Soybean meal added $3-$4/ton on Monday as well. Wheat markets soared higher as war tensions continue. All three complexes ranged from 50-60 cents stronger.
Class III milk continued its aggressive rally trading limit higher in August, September, October, and November. Expanded limits will be present in Tuesday’s session as a result. December and first half 2024 advanced 38 - 67 cents as well running Q1 2024 futures average up to $18.78/cwt. 2nd quarter 2024 settled at $18.62. Class IV tagged along for the ride firming up 25-65 cents in 2023. Q1 2024 was up big as well.
Spot product markets excited on Monday. Barrels leapt 17.5 cents/lb as bids were aggressive. Block cheese gained 8 cents to $1.8625/lb as five loads traded hands. Butter rose 3 cents to $2.6125/lb, 11 loads traded hands. Whey traded twice and three quarters of a cent higher to $0.26/cwt. Powder traded five times and 3 cents higher to $1.15/lb.
