Cheese Stocks Increase 108 Million Lb.
The cold storage report showed cheese stocks increasing 108 million pounds between March and April. American cheese led the increase in cheese stocks, adding 60 million pounds from March to April. The five-year average is 22 million pounds. April year-over-year inventory was up 6%. Butter increased by 59 million pounds between March and April, above the five-year average of 35 million pounds.
In the CME Cash Dairy Product Trade, butter increased $.0075/lb to $1.6425. Blocks gained 1.75 cents to $1.9375. Barrels climbed 3.75 cents to $1.89/lb. Grade A Nonfat Milk ascended 2 cents to $1.0150. Dry Whey remained unchanged at $.3625/lb.
Class III futures were slightly weaker today. May milk fell 9 cents to $12.20/cwt. June milk also lost 9 to $17.62/cwt. July inched 8 cents lower to $17.06/cwt. August declined 9 to $16.60/cwt. Second half 2020 milk average now sits at $16.55/cwt.
July corn fell 1.75 cents to $3.1775/bushel. Spot soybeans tumbled 11.75 cents to $8.35. July soybean meal lost $3 to $282.50/ton. September Chicago Wheat gained 3.50 cents to $5.1875/bushel. June Live cattle finished 40 cents higher to $98.80/cwt. August Feeder Cattle fell 12 cents to $128.87/cwt. June crude oil increased 52 cents to $34.01.