The CME dairy complex bounced higher to start the week following a Global Dairy Trade (GDT) that was mixed, but lower overall in Event 326. Skim milk powder lost 2.4% to $1.255/lb while whole milk powder suffered a 2% decline and ended at $1.48/lb. Anhydrous milk fat was also lower, losing 2.6% with settlement printed at $2.47/lb. Butter prices rose 3.8% in GDT to $2.1775/lb. Cheddar added 1.5% to $2.305/lb.
The spot market at CME on Monday watched barrel cheese trade 9 loads and 3.5 cents higher to $1.5825/lb. Block cheese jumped 8 cents to $1.96/lb as 4 trades took place. Butter was up a half cent to $2.38/lb. Whey and nonfat were unchanged at $0.45/lb and $1.22/lb, respectively.
Class III markets saw March to June prices rise 11-24 cents/cwt while second half values ranged from even to 12 cents stronger. Class IV markets were basically even across the board.
Grain markets ended with corn and the soybean complex higher following a reported freeze in Argentina took place over the weekend. Corn closed 3 cents higher at $6.805/bu. Soybeans jumped 20 cents to $15.48/bu. Soybean meal rose $6/ton. The wheat complex was down 2-10 cents/bu.
