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May 13, 2020

Milk Futures Show Continued Strength

 |  By: Know Your Market

We saw an impressive gain in the spot cheese and butter market today.  Butter jumped 15.75 cents to $1.51/lb on 12 trades.  Blocks gained 8.50 cents to $1.5775/lb on 2 trades.  Barrels leaped 9 to $1.50.  Grade A Nonfat Milk rose 2 to .88/lb.  Dry whey lost a quarter cent to .40/lb.  

Class III milk futures showed continued strength today.  May milk gained 17 to $11.90/cwt.  June and July milk finished limit up.  June resides at $15.35 and July is at $16.05/cwt.  August jumped 61 cents to $16.56.  Second half 2020 finished 12-75 cents higher to an average of $16.54.

Class IV milk futures were thinly traded with wide bids and offers.  July finished limit up to $13.39/cwt.  August milk leapt 57 cents to $13.70/cwt.  

Prices were softer throughout the grain complex today.  July corn lost 4 cents to $3.1825/bushel.  July soybeans trembled 12.50 cents to $8.3950.  May soybean meal fell $3.40 to $285.20/ton.  September Chicago Wheat stumbled 12.25 cents to $5.0525/bushel.  June live cattle fell $3.30 to $93.875.  August feeder cattle lost $2.67 to $133.07.  June crude oil declined 21 cents to $25.57.