On the Chicago Mercantile Exchange milk futures started Monday to the lower side while cash trade was mostly higher. Q2 2021 Class III futures lost 13 cents on average Monday and offers $17.95/cwt. 2nd half months ranged from 10 cents lower to 15 higher with a $18.30/cwt average. 2022 early months were up modestly as well. Class IV witnessed some trade in the 2nd half of 2021 and prices were up 3-10 cents in most months.
Mixed results in the CME spot as blocks where up $0.01 at $1.80. Two sales were made at $1.8075 and $1.81. Barrels where down $0.0125 at $1.54. Two sales were made at $1.5525 and $1.5575. Butter unchanged at $1.7150. Nonfat dry milk up $0.0025 at $1.1725. Dry whey up $0.0025 at $0.5950.
Grain prices printed green across the board Monday. Old crop corn rose 9-10 cents/bu while new crop was unchanged. Soybeans saw similar trade as old crop added 6-7 cents and new crop was up a quarter cent. Soybean meal tacked on $5-6/ton out through August 2021. The wheat complex ranged from 3-5 cents/bu stronger. Monday marked the first day of expanded position limits on the grains as well. This will allow traders to add significantly more long or short positions to their bet over time and likely volatility as well.
