Class III Moves Closer To $16
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.