Class III Milk Futures Muster Up Some Strength
Commodities markets were mixed today. In the CME Cash Dairy Product Trade butter remained unchanged $1.15/lb. Cheddar blocks and barrels also remained unchanged at $1.01/lb. Grade A Nonfat Milk lost 2.75 cents to 85 cents/lb. Dry whey gained half a cent to .3550/lb.
Class III milk futures were slightly stronger in second quarter of 2020. April milk finished 3 cents higher to $13.66. May milk jumped 6 cents to $11.04/cwt. June milk rallied 14 cents to $12.27. Second half 2020 is now averaging $15.00/cwt.
Class IV milk futures were steady to lower on the day. June milk stumbled 21 cents to $11.05/cwt. July gained 3 cents to $11.53. August milk inched 1 cent lower to $11.99/cwt. Second half 2020 is now averaging $12.52/cwt.
Grains showed a softer tone today. Spot corn fell 5.50 cents to $3.26/bushel. May soybeans plummeted 7.25 cents to $8.47. Nearby soybean meal declined $1.10 to $287.50/ton. Spot Chicago Wheat slumped 6.25 cents lower to $5.4875/bushel. April Live Cattle gained $2.70 higher to $93.70/cwt. April Feeder Cattle rallied $1.37 to $116.40/cwt. April Crude Oil fell $1.71 to $20.70.