Rain Causes Gains
June 25, 2021
Rain makes grain. As moisture moved back into the heart of the corn belt, we saw margins improve for dairyman. Milk had a lackluster week, but grains gave way to cheaper feed. Corn finished the week down 16 ¾ on Friday to $6.36 ½, soybeans tumbled 41 ½ lower in July’s contract to 13.29 ¾ /bu. Soybean meal bounced back $3.00 in August meal to $348.90/ton.
The CME spot dairy trade had most of the volume show up in barrels. Cheddar barrels moved 18 loads but slid a penny lower to $1.49/lb and Blocks held unchanged with 1 trade also at $1.49/lb. Butter held unchanged at $1.71 3/4/lb.
Grade A non Fat dry milk was our lone product to see green. Gaining ¾ of a cent to $1.26 1/2/lb with Whey unchanged at $0.57 3/4/lb
Class III was relatively quiet. June was down 3 cents to $17.18/cwt, July gained 8 to 16.65, and August gained 3 cents to 16.63/cwt. Class IV milk was unchanged nearby. June at 16.40, July at 16.07, and Aug at 16.14/cwt.