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June 15, 2020

Class III Rockets Higher to Start the Week

 |  By: Know Your Market

Class III shot higher on Monday after sliding lower to finish the week. The CME spot trade, however, was mostly weaker. Butter traded 5 loads, sliding 2 ¼ lower to $1.84 ¾. Cheddar blocks found 3 loads to trade, falling 2 cents to $2.50 even. Barrels fell 1 ¼ cents to $2.32/lb. but failed to move a load, had no bids and 3 offers. 

Grade A nonfat dry milk was our lone product to move higher, gaining ¾ of a cent to $1.01 ¼ with 2 trades, 6 bids, and no offers. Dry when fell ¾ of a cent to $0.30 ½ /lb. with 5 loads moving, 5 bids and no offers. 

Class III had June move 18 higher to $20.60, July gained 73 to $19.27 and August moved limit higher to $17.78/cwt. Balance of 2020 moved 32-68 higher. 

Class IV was much quieter, unchanged across the board outside of July fall 4 cents.  June at $13.35, July sits at $15.23, and August at $15.45/cwt.

Grain markets continue to be rangebound, corn fell ¾ cents to $3.29 ¼, soybeans fell 2 ¼ to $8.69 even, with soybean meal falling 60 cents to $288.40/ton.