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June 29, 2020

Class III Milk Futures Start the Week Stronger

 |  By: Know Your Market

In the CME cash dairy product trade, block cheese validated this historical move once again, finishing 4.50 cents higher to $2.62 per lb. Barrels remained at $2.40 per lb. on 2 trades.  Butter saw 0 trades and sits at $1.7650. Grade A nonfat milk lost ¾ of a cent to $1.0125 per lb. Dry whey added half a cent to $0.3175 per lb.  

Class III milk futures were stronger today.  June milk gained 1 to $20.94/cwt. July surged 55 cents higher to $22.19. August climbed 17 cents to $19.24. Second half 2020 ranged from 55 cents higher nearby to -.04 cents in the December contract.  Quarter 3 is averaging $19.63 while quarter 4 settled at $16.29 per cwt.

Class IV milk futures continued its low liquidity today. Second half 2020 average is $15.13 per cwt.

The grain complex ran higher ahead of tomorrow’s USDA Acreage and Quarterly Grain Stocks report. December corn added 9.50 cents to $3.3475 per bushel.  November soybeans inched a quarter cent higher to $8.6125per bushel. July soybean meal dropped $1.60 to $280.50 per ton. September Chicago wheat improved 10.75 cents to $4.8650 per bushel.  

Fats and feeders prices also climbed higher.  June live cattle gained 30 cents to $95.00 per cwt. August feeders ascended 90 cents to $133.50 per cwt. August crude oil added $1.10 to $39.59.