Butter Steals the Show
CME Spot product Trade was mixed Thursday with Butter leading the charge higher gaining 4 ¾ cents on 5 trades to end the day at $2.38 ¾. Cheddar Barrels were also busy trading 11 loads and gaining 1 ¼ cents to move to $1.61 1/2 , though cheddar blocks failed to move a load and was unchanged at $1.68 1/4/lb.
Grade A Non Fat Dry Milk gained a half cent on 8 loads moved from seller to buyer to finish the day at $1.0525. Dry whey was our one weak market, falling ¾ of a cent to $0.35 ¾ /lb.
Class III milk was up strongly through June of 2020. Gaining 5 cents in May to $16.38, 10 cents in June to 16.44 and July – Dec months gained 8-12 cents to average $16.87/cwt.
USDA announcements of MFP payments for agricultural products affected by Chinese trade came out Thursday morning and caused Corn, Soybeans, and wheat to drop sharply. Though many details are still unknown, it appears payments will be made to corn, soy, and wheat growers as well as dairy producers. It was not announced what amount each will see.
July corn ended the day down 4 ¾ to $3.89 ¾, July Soybeans fell 7 cents to $8.21 ½ and July soybean meal fell $1.10 to $297.20/ton.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.