Volatility сontinues in dairy markets

Rangebound trade in both blocks and barrel cheese continues to start the week as the market looks for price direction in the CME cash dairy product trade. Blocks gained 1.25 cents to $1.63/lb on 9 trades.  Barrels lost ¾ of a penny to $1.4350/lb. Butter fell 3.50 cents to $1.4450/lb. Grade A Nonfat Milk added 1 to $1.1375/lb.  Dry Whey remains at $.4675/lb.

The volatility continues in class III futures.  Futures once again sold off late in the session after showing initial strength.  December gained 1 penny to $15.80.   January decreased 3 to $16.19/cwt.  February climbed 13 to $17.40/cwt.  First half 2021 average resides at $17.07/cwt.  Class IV futures settled +3 to -28 cents.

Grains were a mixed bag.  December corn dived 5 cents lower to $4.1925/bushel.  January soybeans ascended 9 cents to $11.6950/bushel.  January soybeans launched a 9-cent gain to $11.6950/bushel.  December soybean meal declined $3.30 to $380.80/ton.  March Chicago Wheat was down 18 cents to $5.9650/bushel.

February hogs gained $2.45 to $65.67/cwt.  December live cattle increased 35 cents higher to $109.10/cwt.  January feeders gained 30 cents to $140.02/cwt.  January crude oil inched above $47 to $47.01/barrel.

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Tags: dairy markets