Class III Gains While Class IV Falters
A tale of Two markets on Thursday as Class III shows nice gains while Class IV falters. April Class III was our only weak month, falling 22 cents to $13.19, May gained 16 to $10.68 and June gained 27 cents to $11.32. Second half gained 5-26 cents.
Class IV milk however struggled as both Butter and Non Fat Dry milk fell during the spot product trade. April held unchanged at $11.42, May fell 23 cents to $10.05, and June fell 24 cents to $10.41/cwt. The second half fell 9-49 cents.
Class III milk saw gains because Cheddar moved higher. Blocks gained 3 cents to $1.05/lb on 4 trades. Barrels failed to move a load but gained 2 ¾ cents to $1.04/lb Our block/barrel spread sits at 1 cent.
As mentioned, butter fell 3 ¼ cents to $1.10/lb on 9 trades, Grade A non fat dry milk fell a penny to $0.81 ½ cents with only 1 load trading. Dry whey was unchanged at $0.38 1/2/lb
Feed and Grain markets continued to rebound a bit. May corn gained 1 ¾ cents to 3.19 ¼, Soybeans gained 4 ½ to 8.39 ¼, and Soybean meal gained 40 cents to $288.70/ton.