April 10, 2019

Class III Moves Closer To $16

 |  By: Anna-Lisa Laca

The flurries outside our office window were more activity than we saw in the dairy markets on Wednesday.   Class III milk saw positive moves across 2019 months, April gained 2 cents to $15.97. May gained 7 cents to hit 15.925/cwt and the second half of the year averaged $16.43/cwt. These followed a terribly quiet day in the CME Spot Dairy Product trade. 

Across the 5 major products, not a single load traded on Wednesday. Only Cheddar Barrels showed a gain in price of ¼ cent on 1 bid. Finishing the day at $1.59 1/2/lb. Butter was unchanged at $2.25 ¾, Cheddar blocks unchanged at $1.65 ½,. 

Grade A Non Fat Dry Milk saw 4 bids and 8 offers but failed to move a load and was unchanged at $0.98 ¾ and Dry Whey saw 5 bids and 1 offer but failed to trade and was unchanged at $0.35 1/4/lb.

Wednesday saw an increase in trading in the 2020 Class III months, though there were no trades in Class IV milk and it remained unchanged for May at 16.19/ cwt and June at $16.44.

The late Spring storm in the Midwest today will delay some planting and will add to the weather woes many producers are dealing with. May Corn markets gained 1 ¾ to $3.61 ¾ and May soybeans gained 3 ¼ to $9.02 even. June Soybean meal was up a dollar to $313.80/ton.