markets
March 26, 2020

Class III Continues Its Downward Spiral

 |  By: Know Your Market

Commodity markets saw mostly softer prices today.  Spot corn inched a quarter cent higher to $3.4875/bushel.  May soybeans fell 1.25 cents to $8.8025.  May soybean meal gained $1.20 to $322.90/ton.  Spot Chicago Wheat tumbled 11 cents to $5.69/bushel.  April Live Cattle was down $3 to $105.45/cwt.  April Feeder cattle lost $3.6250 to $125.10.        

We saw weaker prices in the CME Dairy Product Trade today.  Butter dived 6.25 cents lower to $1.59.  Cheddar blocks slipped 5 cents to $1.74.  Barrels trembled 3.75 cents to $1.4025.  Grade A Nonfat Dry Milk fell 3.25 cents to $.9650/lb.  Dry whey remained unchanged at $.33/lb.

Class III milk genuflected at the heels of lower cheddar blocks and barrels.  April milk slid 24 cents to $15.70.  May was down 35 cents to $14.54.  June milk suffered the biggest loss at 44 cents to $14.71/cwt.  Second half 2020 lost 19-33 cents for an average price of $15.76.

Class IV milk prices fared even worse than class III milk.  May milk lost 50 cents to $13.00/cwt.  June milk fell 47 cents to $13.13.  July dropped 33 cents to $13.47/cwt.  Class IV second half is now averaging $14.22/cwt.