March 17, 2020

Dairy Markets Unlucky, Class IV Taking the Hardest Hit

 |  By: Know Your Market

Cattle were one of the few commodities to have the luck of the Irish today.  April Live Cattle found some strength in the market, finishing limit up to $96.35 per cwt.  April Feeder Cattle finished to $2.775 higher to $110.875 per cwt.  Green wasn’t the only color to appear in the grain space.  Spot corn lost 10.75 cents to $3.44 per bushel.  May soybeans saw some green, gaining 2.50 cents to $8.2425 per bushel.  May soybean meal gained $2.00 to $298.30 per ton while the other months finished in red today. 

In the CME Dairy Product Trade today, cheddar blocks and barrels remained unchanged at $1.8725 and $1.50 per lb.  Butter lost 3.25 cents to $1.74 per lb. on 5 trades.  Grade A nonfat milk fell 2 cents to $1.00 a half cent on 10 trades with 3 bids and 14 offers left standing.  Dry Whey was firm at $.3250 per lb. 

Class III milk was not a pot of gold and continued its trend downward today.  April milk lost 1 penny to $15.99 per cwt.  May milk fell 17 cents to $15.42 per cwt.  July-December milk dropped 16-30 cents and is now averaging $16.24 per cwt.

Class IV milk was absolutely shamrocked today.  April milk lost 36 cents to $14.10 per cwt.  May fell 50 cents to $13.91 per cwt.  July-December milk was hit hard, dropping 35-57 cents per cwt and is now averaging $15.02 per cwt.