Class III Milk Futures Slip Despite Cheese Market Strength
In the CME cash dairy product trade, blocks and barrels continued its impressive run higher. Blocks gained 3.50 cents to $1.8150/lb. Barrels increased 1.75 cents to $1.7375. Butter melted 4 cents to $1.6050. Grade A Nonfat Milk climbed $.0050 to 94 cents/lb. Dry Whey fell 1.75 cents to $.3725/lb.
Class III milk futures continued its weakness and volatility despite the spot cheese market being higher. June milk descended 19 cents to $16.66/cwt. July milk crashed 46 cents to $16.36. August milk lost the most, falling 62 cents to $16.33. Second half 2020 tumbled 14-62 cents to an average of $16.20/cwt.
Class IV milk futures were sparsely traded. June milk declined 20 cents to $12.86/cwt. July fell 10 to $13.65. Second half 2020 remains at $14.42/cwt.
July corn gained 1.50 cents to $3.2075/bushel. Nearby soybeans jumped 6.50 cents to $8.45/bushel. September Chicago Wheat declined 3 cents to $5.00/bushel. Fats and feeders showed strength today. June Live Cattle rallied $1.72 to $98.72/cwt. August feeders finished $1.47 higher to $132.55. June crude oil soared $2.90 to $32.33.