MARKET ANALYSIS

CORN PRICES BLEED LOWER, MILK PRICES CREEP HIGHER

A quiet finish to a week of volatility in milk, but corn continued to bleed lower. Corn finally broke free of recent sideways to break below $6.50/bu, falling 15 cents to $6.35/bu. Soybeans gained 8 cents to $14.38 ½ with soybean meal gaining 2.50 to $424.50/ton. Class III Milk gained 9 cents in December to $20.29, with January falling 3 cents to finish the week at exactly $20.00/cwt. February held unchanged after Thursdays jump higher at $19.89/cwt. Class IV milk was also relatively unchanged but December gained 15 cents to $21.70/cwt and January through May was unchanged with Jan at $20.37, and February at $20.07/cwt. The CME spot trade had butter and Non-Fat bouncing back. Butter gained 2 cents to $2.90/lb with Grade A Non fat Dry milk gaining 1¼ cents to $1.36/lb. Cheese was unchanged with Blocks at $2.10 and Barrels at $1.89 3/4/lb. Dry whey rounded out our unchanged products $0.45/lb.