March 31, 2020

Coronavirus Contines To Infect Milk Markets

 |  By: Know Your Market

Prices in the CME Cash Dairy Product trade were negative once again today.  Butter melted 6.25 cents to $1.3350.  Cheddar blocks sunk 10.75 cents to $1.33.  Cheddar barrels dropped 9.50 cents to $1.205/lb.  Grade A Nonfat Milk inched a cent lower to $.8850/lb.  Dry Whey remained unchanged at $.33/lb.

Class III milk futures were pressured on the heels of a lower cheese product trade.  April milk was down 20 cents at $14.75.  May declined 31 cents to $12.82.  June milk slid 9 cents to $13.23.  Second half 2020 lost 7-31 cents and is now averaging $14.61/cwt.

Class IV milk futures tumbled downwards.  April milk suffered a 37 cent loss to $11.52.  May milk drifted 20 cents to $11.33/cwt.  July milk was 7 cents lower to $12.02.  Second half lost 7-48 cents and is now averaging $12.50.

Spot corn inched ½ cent lower to $3.4075/bushel.  Nearby soybeans finished 3.75 cents higher to $8.86.  May soybean meal was $4 lower to $321.50/ton.  May Chicago Wheat rallied 5.5 cents to $5.77/bushel.  Kansas Wheat rose 6.25 cents to $4.93.  Fats and feeders closed higher on the day.  June live cattle were up $3 to $92.075/cwt.  May feeder cattle finished $2 stronger to $122.90.