On the Chicago Mercantile Exchange Milk futures closed lower Monday as grain prices recover, and cash trade turns negative. Class III milk markets followed suit declining 5-8 cents per cwt in the 3rd and 1-3 cents in the 4th quarter. The 2nd half of the year is now offering producers $17.69 cents per cwt. First half 2020 ranged from even to 3 cents lower. Class IV milk markets were down much harder. July closed even while August dropped 8 cents, September 13 cents, and October 14 cents. November and December traded 26 and 21 cents lower, respectively, while the 1stquarter of 2020 weakened 9-14 cents.
The CME spot product market began this week in a lower fashion. Dry whey down $0.0025 at $0.3250. Blocks down $0.0075 at $1.84. Eleven trades were made ranging from $1.82 to $1.8450. Barrels down $0.01 at $1.77. Eight trades were made ranging from $1.7475 to $1.76. Butter down $0.0125 at $2.3975. Three trades were made ranging from $2.3975 to $2.4075. Nonfat dry milk unchanged at $1.04.
Grain prices were higher in corn and beans on Monday but lower in the wheat complex. Corn added a penny while soybeans were up 3 cents. Wheat lost 4 cents in Chicago, 4 and a half cents in Kansas City and 1 cent in Minneapolis. The crop progress report was released Monday afternoon as well. Th corn crop in good to excellent condition totaled 57%, up 1% from last week while soybeans were 96% planted and had 53% of the crop rated good to excellent, down 1% from the week prior.
