Coronavirus Contines To Infect Milk Markets
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.