Class III Losing Steam
Class III milk market lost some of the recent gains on Tuesday following the trends we saw Monday in light trading on the CME Spot Product Trade. Only two products traded loads from Seller to buyer. Butter traded 6 loads and fell 1 ¼ cent to 2.26 3/4/lb. Cheddar Blocks and Barrels both remained unchanged on limited offers and bids and no loads trading hands. Blocks finished at 1.67 ¼ /lb and Barrels at $1.63.
Grade A Non Fat Dry Milk fell half a penny to $1.03 ½ /lb on only 2 loads trading. Dry whey continued our unchanged trend to finish at $0.34/lb even on 5 bids and no offers.
Class III milk finish out April trading down 1 cent to $15.96/cwt. May fell 13 cents to $16.08, and June was off 16 cents to $16.21. Second half lost 10-15 cents and finished at an average at 16.64/cwt.
Feed costs continue to fall for dairy producers with May soybeans off 6 ¼ to 8.41 ¼ and July Soybean meal hitting $300.10, a value we have not seen since September of 2018. May Corn gained some positive momentum as the day progressed to finish at 3.53 ¼ up 1 ¼ on possible planting delays in the upper Midwest.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.