Milk Markets Kick Off the Week Stronger
Cash cheese enjoyed having a bid in the CME cash dairy product trade today. We saw butter remain unchanged at $1.14 and a half cent. Cheddar block prices rallied 12 cents higher to $1.19 per lb. on 0 trades and 2 bids. Cheddar barrels leapt 4.25 cents higher to $1.095 on 0 trades and 3 bids. Grade A nonfat milk remained in place at 81 cents per lb. Dry whey stayed in place at 38 and a half cents per lb.
Class III milk saw strength in the futures market. April inched 2 cents lower to $13.18 per cwt. May rallied 43 cents to $11.23. June improved 30 cents to $11.96. July recovered 13 cents to $13.36 per cwt. Second half 2020 prices were up 1-13 cents and is now averaging $14.91 per cwt.
Class IV futures were also stronger. April resides at $11.42. May milk was up 20 cents to $10.25 per cwt. June gained 12 to $10.53 per cwt. September lost 1 to $11.51 per cwt. Second half 2020 prices are now averaging $12.18 per cwt.
The grain complex was softer here today. Spot corn stumbled 10.25 cents to $3.05 and a half per bushel. December corn lost 7.25 cents to $3.29 and a half per bushel. May soybeans fell 3.25 cents to $8.29 per bushel. November soybeans declined slightly also. September Chicago wheat resides at $5.28. June live cattle improved $1.42 to $84.05 per cwt. April feeders gained 60 cents to $120.40 per cwt. May hogs finished limit up to $56.27. June crude oil declined $3.92 to $13.02.