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Commodity Markets Continue to Prove Volatile

Volatility continues to run rampant through commodity markets. Rains in the Midwest have given dairy producers a breather on the run for higher corn and soybean meal prices, but it also fizzles out the support in milk. Cheese was mixed with Cheddar Blocks finding a bid and gaining 2 cents higher to $1.33/lb, but barrels slid three-quarters of a cent to $1.38 1/4/lb. Butter had a great day, jumping 4 cents higher to $2.44/lb. Grade A Non-Fat Dry milk held unchanged at $1.11 3/4, with Dry whey down 1 ¼ cent at $24 1/4/lb.

Class III milk was unchanged in July at $14.35, August was down 13 cents to $15.04, and September fell 19 cents to $16.19/cwt. Q4 was down 14-17 cents and still averages at $17.50/cwt. Class IV milk struggled to move higher despite the stronger move in Butter. July fell 5 cents to $17.95/cwt, Aug fell 15 to $17.59, and Sept fell 11 cents to $17.58/cwt.

Grain markets saw corn tumble 24 ¼ cents for December contract to $5.36 ¾ with July down 33 to $5.90/bu. Soybeans fell 44 cents in July to $14.51/bu with November falling 29 ¼ cents to $12.65/bu. Soybean meal fell $5.50/ton for July to $401.80 after trading over $435 just last week with December soybean meal falling $7.40 to $378/ton.

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June 28, 2023

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