Class III Rockets Higher to Start the Week
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.