Milk Prices Stand on Shaky Ground
The CME Cash Dairy Product Trade traded even to slightly higher. Butter gained 1.25 cents to $1.28/lb. Blocks added 2.50 cents to $1.6650/lb. Barrels remain at $1.50/lb. Grade A Nonfat Milk inched ½ of a penny to $1.1250/lb. Dry Whey sat idle at $.5350/lb.
Despite spot cheese moving higher, Class III futures sold off. February fell 5 cents to $15.59/cwt. March milk tumbled 19 cents to $16.50/cwt. April remained even at $17.12/cwt. May through December lost 2-25 cents/cwt. Class IV milk was mixed from down 3 to positive 8.
The grain markets soared higher ahead of tomorrow’s February WASDE report. March corn was able to set a new contract high at $5.6575, settling at $5.6375/bushel. March soybeans jumped 21 cents to $13.8775/bushel. March soybean meal climbed $6.10 to $436.60/ton. March Chicago Wheat piggybacked on corn and soybeans, to move 14.50 cents higher to $6.5575/bushel.
Red and green ink was seen in the cattle and hog trade. February live cattle lost 15 cents to $116.57/cwt. March feeders decreased 82 cents to $137.45/cwt. February lean hogs rallied $1.20 to $72.17/cwt. March crude oil increased $1.23 to $58.08/barrel.
