July 1, 2020

Green Continues To Dominate

 |  By: Know Your Market

Green continues to dominate the Ag Commodity market on Wednesday. The grain complex continued moving higher. Corn begins July trading 9 ¾ higher to 3.48 ¼, Soybeans followed suit, gaining 9 ½ to 8.93 ¾, and November soybeans finished the day at 8.99 even but traded over $9 for the first time since March. Soybean meal moved $6.40 higher to 292.70.

The CME spot trade had low volumes. Butter fell 1 ½ cents to 1.75/lb with 4 loads trading. Cheddar blocks and barrels held unchanged with no trades, no bids, and no offers for either. Blocks at 2.64 and barrels at 2.40/lb

Grade A Non Fat Dry Milk also failed to trade a load and was unchanged at $1.05, and Dry whey gained 1 ¼ cents to $0.33/lb with 7 loads moving, 5 bids and 1 offer. 

Class III moved higher – June announced price is 21.04, July gained 66 to 20.41 and Aug gained 45 to 18.36.

Class IV announced June price is $12.90, July gained 1 to 14.74, and Aug gained 11 to 15.09.

The Dairy Products report for May was released by USDA. Cheese production fell in May, down 7/10 of a percent from 2019 production at 1.1 billion lbs. Cheddar production was down ½ of a percent, but explains our shortness in fresh cheese. Dry whey production was up 9.1%, Butter output reached 178.3 million lbs up 4.9% from 2019 on cheap cream availability.