Class III Continues To Move Higher
Class III milk continued to trudge higher despite a lackluster CME spot product trade on Thursday. May was unchanged at $16.38 per cwt, June gained 11 cents to $16.18/cwt and second half average gained 10-14 cents to raise the average to $16.93/cwt.
Class IV milk was unchanged at $16.26 in May and $16.90 for June. This despite the fact that butter lost 2 ¼ cents on 12 trades Thursday to finish at $2.35 /lb. Cheddar blocks were unchanged with no loads trading hands at $1.68 ½ and cheddar barrels fell a quarter of a cent to $1.54 even with 19 loads moving from seller to buyer.
Grade A Nonfat Dry Milk was also unchanged and failed to move a load with 6 bids and no offers at $1.04 ½ /lb. Dry Whey gained half a cent to $0.35 ¾ /lb. with 3 bids, but no trades.
Feed costs continued their march higher with less than ideal planting conditions in the Midwest. July corn gained 17 ½ cents to $4.36 ¼, July soybeans gained 17 cents to $8.89 even and July Soybean meal was up $8.40 to $327.40/ton.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.