Class III Prices Continue to Charge Forward
A busy day in the CME spot product trade led to nice gains in Class III milk. Cheddar blocks led the charge with 12 loads moving from seller to buyer and price ending the day 2 cents higher at $1.69/lb. Cheddar blocks were also busy with 11 loads trading to gain 3 cents on the day to $1.63/lb.
Butter gained ½ cent on 7 trades to finish at $2.26/lb even. Grade A Non Fat Dry milk gained a penny to moved to $1.03/lb and though 4 loads of Dry Whey traded hands on Thursday, the price was n at $0.33/lb.
May Class III was our market leader gaining as many as 47 cents during trading to settle 45 cents higher at 16.29/cwt. April gained 7 cents to 15.98 and June gained 32 cents to $16.37. Second half months moved 8-20 cents higher to finish with an average of 16.72/cwt.
Class IV milk was more mixed May up 3 cent to 16.30/cwt and June down 4 cents to 16.63.
Grain markets saw some rebounding off the lows we saw Wednesday. May corn was up ¾ of a cent to $3.47 and a half, May Soybeans gained 4 cents to 8.59 ¼. And July Soybean meal was up $5.60 to 309.60/ton.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.