unkown markets
May 22, 2020

Has Our Rally Found Its End?

 |  By: Know Your Market

As we head into the Memorial Day weekend, the CME spot trade was lackluster. Cheese moved nice volume but held unchanged. Cheddar Blocks at 1.93 ¾ with 4 loads trading, 2 bids and no offers. Barrels at $1.89/lb. with a whopping 25 loads trading hands, 3 bids and 1 offer left. Butter lost 5 cents to 1.59 ¼ with 3 loads moving from seller to buyer, 1 bid and 7 offers.

Grade A nonfat dry milk fell a quarter of a cent to $1.01 ¼ with 12 loads trading, 5 bids and 3 offers and Dry whey held unchanged at $0.36 1/4/lb. with no trades, only 1 bid and no offers. 

Class III took a breather, giving back some of its gains this week. May fell 2 to $12.18, June fell 60 cents to $17.03, and July moved 62 cents lower to $16.44/cwt. Second half moths moved 20-60 cents lower to average at $16.12/cwt

Class IV was unchanged in May at $10.71, June fell 17 to $13.20 and July fell 19 to $14.00 even. Second half months ranged from 17 lower to 9 higher. 

Grain markets remain quiet as we head into the long weekend and closed markets on Monday. Corn fell a quarter of a cent to $3.18 even, Soybeans fell 1 ¾ to $8.33 ¼, and soybean meal gained $1.60 to $284.10/ton.