Grain markets pushed higher on Tuesday based upon a couple of weather reports. Colder temperatures across the northern states brought frost and uncertainty surrounding the severity of damage and inserted risk premium back into the market. Hotter and drier forecasts over the next two weeks also added insult to injury as many areas are already dealing with dry conditions. Corn closed 30 cents/bu higher out through July 2022 while soybeans were up 15-20 and meal prices added $3/ton. The wheat complex also strengthened 25-45 cents/bu.
Dairy prices weakened once again as cheese faltered. Blocks lost 2 cents while barrels gained a half cent. Butter and whey each fell 2 cents, respectively. Class III futures dropped 5-18 cents from July to March 2022. Class IV declined 3-14 cents as well.
