Commodities Slide Lower to Start the Week
Commodity Markets across the board finished lower on Monday. In the CME cash dairy product trade today, butter tumbled 9.75 cents to $1.15/lb. Cheddar blocks fell 4.50 cents to $1.01. Cheddar barrels gained 1 cent to $1.01 also. Grade A nonfat milk dropped 2 cents to $0.8775/lb. Dry whey remained unchanged at 35 cents/lb.
Class III milk futures were negative once again. May milk stumbled 52 cents to $10.91/cwt. June, July, and August milk all were limit down, dropping 75 cents/ cwt. June is at $12.07. July is at $13.74/cwt. Second half 2020 is now averaging $14.97/cwt.
Class IV milk futures were softer today. June milk crashed 46 cents to $11.36/cwt. July milk was limit down and now sits at $11.50. August milk leaked 60 cents lower to $12.00. Second half 2020 is now averaging $12.55/cwt.
Spot corn inched a .25 cent lower to $3.3125/bushel. May soybeans softened 9.25 cents to $8.5425. Chicago wheat fell 1.5 cents to $5.55/bushel. Fats and feeders finished limit down today. April live cattle sit at $91.00/cwt. April feeders are trading $115.02/cwt. April crude oil fell 11 cents to $22.65.