Class III Milk Futures: What Goes Up Must Come Down
In the June Cold Storage report, butter inventories were pegged at 362 million lb., down 14 million lb. from last month’s report. American-type cheese came in higher than anticipated at 793 million lbs. Total cheese stocks were right on par with expectations.
In the CME Cash Product Trade, block cheese settled 3.75 cents lower to $2.6225/lb. Barrel cheese fell 1.50 cents lower to $2.45/lb. Butter added half a penny to $1.6675/lb. Grade A Nonfat Milk gained half a penny to $.9975/lb. Dry whey lost half a penny to 34 cents/lb.
Class III milk futures fell sharply as spot cheese was slightly lower. July climbed 8 cents to $24.40/cwt. August milk trembled 60 cents to $22.70/cwt. September milk declined 55 to $20.81 cents. October was down 35 cents to $19.10. Class IV milk also saw red today. July remains at $13.80/cwt. August descended 17 cents to $13.78. September dropped 13 to $14.32.
December corn gained 4 cents to $3.3475/bushel. November soybeans improved 2.75 cents to $8.9550/bushel. August soybean meal gained $1.00 to $286.60/ton. September Chicago wheat added 6.75 cents to $5.3475/bushel. Fats and feeders were mixed. August live cattle lost 35 cents to $101.50/cwt. August feeders gained 20 cents to $141.52/cwt. September crude oil fell 8 cents to $41.84.