March 24, 2020

Class III Milk Unchanged, Class IV Dips Below $14

 |  By: Know Your Market

Calm started to return to commodity markets on Tuesday. As we saw the DOW Jones industrial average gain back 7% and crude Oil move higher. Livestock and others followed, though milk took its ques from the spot CME dairy trade.

Butter again showed softness falling 3 cents to $1.71 per lb. with no loads trading, no bids and 4 offers.  Cheese was mixed with Cheddar blocks falling 2 ¼ cents to $1.81 ½ on 4 trades and Barrels gained 2 cents to $1.45 per lb. with 11 loads moving. Narrowing the block/barrel spread to 36 ½ cents.  

Grade A nonfat dry milk fell half a penny to $1.00 even with 4 loads trading hands and dry whey held unchanged at $0.33 per lb. with no loads trading hands.

Class III milk was unchanged in March at $16.26 and April at $16.08. May fell 12 to $15.38 and July – Dec was mixed varying from 3 higher to 10 lower and averaging at $16.06 per cwt. 

Class IV milk was unchanged at $14.90 for March, but fell sharply in the balance of 2020 April fell18 at $13.88, $May fell 28 to 13.69 and the second half fell 4-39 cents to average at $14.99 per cwt.

Grain and feed had a volatile day with corn rebounding to gain 3 ¾ cents to $3.47 ¼, soybeans gained 2 ¾ to $8.86 ¾, and soybean meal was mixed but May fell $1.50 to $332.10 per ton.