Money
May 5, 2020

Class III Continues To Gain Strength

 |  By: Know Your Market

We saw continued strength in the CME Cash Dairy Product Trade.  Butter remained unchanged at $1.19 and a half cent.  Cheddar blocks rallied 4.5 cents to $1.25 and ¾ cent on 1 trade.  Cheddar barrels gained 1 to $1.24/lb on 7 trades.  Grade A Nonfat Milk remained unchanged at 80 and a half cent.  Dry whey rose 1/4 cent to $.40/lb.

Class III finished stronger on the heels of yesterday’s Section 32 announcement.  May milk climbed 4 cents to $11.54/cwt.  June milk rallied 65 cents to $13.59.  July jumped 45 to $14.79.  Second half 2020 was up 9-45 and is now averaging $15.90/cwt.

Class IV milk futures were positive as well.  June milk skyrocketed 49 cents to $11.15.  July leapt 38 cents to $11.50/cwt.  August was up 50 to $12.25/cwt.  Second half 2020 climbed 28-50 cents and now resides at $12.70/cwt.

Spot corn gained 2.25 cents to $3.13/ bushel.  December corn sits at $3.3425/bushel.  May soybeans rose 4.25 cents to $8.38 and ¼ cent.  November soybeans gained ¾ cent to $8.46 and a half cent.  September Chicago Wheat finished 1.75 cent higher to $5.23 and 3/4.  June feeder cattle dropped $1.60 to $86.47/cwt.  August feeder cattle fell 72 cents to $128.25.  June Crude Oil blasted $4.17 higher to $24.56.