July 14, 2020

Class III Scowls at Lower Cheese Prices

 |  By: Know Your Market

In the CME Cash Dairy Product Trade, blocks fell 1 penny to $2.99/lb.  Barrels added 1.75 cents to $2.42/lb.  Butter gained 1.75 cents to $1.7450/lb.  Grade A Nonfat Milk remained unchanged at $1.0150/lb.  Dry Whey climbed a quarter cent to 32 cents/lb.  

Class III milk futures reacted negatively today as cheddar blocks were down lower.  July remained even at $24.34/cwt.  August milk dropped 44 cents lower to $22.96/cwt.  September milk declined 62 cents to $20.09/cwt.  Quarter 4 2020 descended 27-45 cents for an average of $17.43/cwt.

Class IV milk futures settled even to higher today.  July milk remains at $14.03/cwt.  August gained 16 cents to $14.51/cwt.  The second half of 2020 is averaging $14.86.  

The grain complex ended up mixed today.  December corn fell 2.75 cents to $3.3375/bushel.  November soybeans added 2.25 cents to $8.7750/bushel.  July soybean meal climbed 60 cents to $283.70/ton.  September Chicago Wheat improved 2 cents to $5.2675/bushel.  


Fats and feeders ended the day lower.  August live cattle finished 85 cents lower to $98.80/cwt.  August feeders declined 32 cents to $136.72/cwt.  August crude oil added 20 cents to $40.28.