markets lower
March 9, 2020

Commodity Markets Dive Lower to Start the Week

 |  By: Know Your Market

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.