July Class III Moves 96 Cents Higher on Monday
The Cold Storage report showed less than expected ending stocks and was price supportive. Cold Storage cheese inventories levels declined off of the record-highs in May. American-type cheese led the charge lower, as total cheese stocks descended by 24 million lb. during May. Butter stocks finished at 380 million lb. as consumption has been impressive throughout the COVID outbreak.
Block cheese set a record high price once again at $2.7025, gaining 5.25 cents on 4 trades. Cheddar barrels added 3.75 cents to $2.3225/lb. Butter melted 1.75 cents away to $1.8325. Grade A nonfat milk remains at $1.0325/lb. Dry whey fell 1.25 cents to 31.50 cents/lb.
Class III milk futures took advantage of the newly expanded CME limits of $1.50/cwt. June added 1 penny to $21.00/cwt. July launched a 96-cent gain to $22.14/cwt. August milk skyrocketed 93 cents to $20.20/cwt. Q3 2020 is averaging $20.41/cwt. Q4 2020 resides at $17.28/cwt. Class IV milk futures were relatively unchanged.
The corn and bean market trended lower today. December corn declined 4.25 cents to $3.4175/bushel. November soybeans inched 1.50 cents lower to $8.7925. July soybean meal descended 50 cents to $286.50/ton. September Chicago Wheat climbed 4.25 cents to $4.8950/bushel. Fats and feeders ended the day in red ink. June live cattle fell 30 cents to $94.40/cwt. August feeders lost 80 cents to $131.75/cwt. Crude oil added 85 cents to $40.60.