Dairy Markets Causing Whiplash
Dairy markets causing whiplash on Monday as we saw Class III move from limit down in May during early trading to rebound and see August trade limit up in the afternoon. The CME spot market found some buyers, but still slid lower. Butter fell 2 ½ cents on 1 trade to $1.25 ½. Cheddar Blocks fell 2 ¼ cents to 1.12 ¾ moving 1 load, I bid and 1 offer. Cheddar Barrels fell 4 ¾ cents to $1.09/lb with 4 loads trading, 8 bids and no offers.
Dry powders were stable Monday with Grade A Non Fat Dry milk staying unchanged at $0.86 1/4/lb with no loads trading, 2 bids, and 1 offer. Dry Whey was unchanged at $0.33/lb with no loads trading, 1 bid and 1 offer.
Class III milk finished a volatile day with a tale of two halves. April – June was in the red with April falling 19 to 13.88, May down 35 to 11.83 and June fell 8 to 13.05. July however gained 32 cents to 14.40 and the balance of 2020 saw gains of 24-41 cents in a late day rally.
Class IV milk saw similar swings, April was unchanged at 11.36, May fell 13 to 11.02, and June was unchanged at 11.54. Second half months mixed from 13 lower to 19 higher.
Grain and Feed saw corn fall 3 in May to 3.27 ¾, Soybeans gained 1 ¾ to 8.55 ½ , Chicago Wheat gained 6 ½ to 5.55 ¾, and Soybean meal fell 6.20 to once again fall below $300 to 297/ton.