Stability Prevails in Milk Markets Amid Quiet Trading Day
Source: The DairyNews
In a relatively subdued trading session, milk markets experienced a day of stability on Monday, marking a departure from the volatility observed in recent weeks.
The May 2024 Class III contract closed slightly higher by a nickel, while June showed strength with a 9-cent increase, and July saw a modest uptick of 3 cents. Looking ahead, August through December contracts fluctuated within a range of 7 cents lower to 3 cents stronger. Class IV markets, on the other hand, remained unchanged across all contracts.
Similarly, the CME spot product markets exhibited a lack of significant movement. Block cheese, barrels, and nonfat dry milk settled unchanged for the day. Butter softened slightly, closing a half cent lower at $2.965 per pound, while whey experienced a marginal decline of three-quarters of a cent to $0.375 per pound.
In the grain markets, results were mixed. Corn and soybeans largely held steady, experiencing minimal changes of between half a cent and a penny. Soybean meal, however, saw a notable increase of almost $10 per ton, reaching $355 per ton. Wheat prices showed more variability, with the Chicago market down by 13 cents, Kansas down by 3 cents, and Minneapolis seeing a slight uptick of a couple of cents.
Similarly, the CME spot product markets exhibited a lack of significant movement. Block cheese, barrels, and nonfat dry milk settled unchanged for the day. Butter softened slightly, closing a half cent lower at $2.965 per pound, while whey experienced a marginal decline of three-quarters of a cent to $0.375 per pound.
In the grain markets, results were mixed. Corn and soybeans largely held steady, experiencing minimal changes of between half a cent and a penny. Soybean meal, however, saw a notable increase of almost $10 per ton, reaching $355 per ton. Wheat prices showed more variability, with the Chicago market down by 13 cents, Kansas down by 3 cents, and Minneapolis seeing a slight uptick of a couple of cents.
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