March 16, 2020

Commodity Markets Remain Infected

 |  By: Know Your Market

Different day but same results was the story line of Monday’s trading session for commodity markets. Dairy prices for Class IV added 7 cents in April but lost 9-22 cents May through February 2021. The second quarter average finished at $15.77 while the second half of the year is offering $16.48 per cwt.

The Class IV market was roughed up even worse as futures dropped 34 to 55 cents per cwt. The second quarter average stands at $14.41 per cwt. CME spot dairy auction results watched butter decline 4 cents per lb. to $1.77 and a quarter per lb. following a single trade. 

Blocks and barrels were both unchanged Monday at $1.87 and a quarter and $1.50 per lb., respectively. Grade A nonfat dry milk suffered another fall of 2 and three-quarter cents with 12 uncovered offers left hanging in the market. Dry whey was also down 2 and a quarter to 32 and a half cents per lb. 

The grain complex watched corn fall 11 cents, soybeans were off 25 cents and the wheat complex softened 8 cents in Chicago and Kansas City.

The livestock sector was limit down across the board and energies were $3 softer in crude and off 9 cents in diesel.