Commodity Markets Dive Lower to Start the Week
Commodity markets all across the board took a sharp nosedive today. April crude oil took the most beating, dropping $10.34 to $30.98 per barrel. April live cattle were down $2.90 per lb. to $102.8250. April feeder cattle dropped $4.50 to $126.20 per lb.
May corn fell 3.25 cents to $3.7275 per bushel. May soybeans finished 21.25 cents lower to $8.70 and May soybean meal lost $4.70 to $300.40 per ton.
Moving onto the CME dairy trade today we saw block cheese gain 1 penny to $1.76 per lb. on 1 trade. Barrel cheese lost 6.75 cents to $1.41 on 9 trades. Grade A nonfat milk remained unchanged at $1.1250 per lb. Dry Whey moved 1.5 cents lower to .3325 cents per lb. Butter remained unchanged at $1.8580.
Class III milk finished quite a bit lower today. March was down 7 cents to $16.30 per cwt. April milk was down 20 cents to $15.83 per cwt. May fell the most, dropping 28 cents to $16.00 per cwt.
Class IV milk continued to show weakness today. April milk was down 30 cents to $15.10 per cwt. May lost 40 cents to $15.10. June milk took the biggest slide, dropping 47 cents to $15.30 per cwt.