meta Markets start the week on the decline in Chicago :: The Bullvine - The Dairy Information You Want To Know When You Need It

Markets start the week on the decline in Chicago

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.

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