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April 16, 2020

Milk Futures Crash Again Thursday

 |  By: Know Your Market

Grain prices were negative on the day.  December corn inched 1.75 cents lower to $3.41/bushel.  November soybeans tumbled 5.25 cents lower to $8.5425.  September Chicago wheat suffered a 10.25 cent loss to $5.3575/bushel.  May soybean meal lost 40 cents to $291.80/ton.  April live cattle crept 77.50 cents higher to $95.50/cwt.  April feeder cattle rallied $2.45/cwt to $118.25/cwt.  April crude oil lost 29 cents to $19.58.

In the CME cash dairy product trade butter rose 2 cents to $1.16/lb.  Cheddar blocks gained .75 cents to $1.00 ¾ cent/lb.  Cheddar barrels declined 3.25 cents to $1.00/lb on 12 trades.  Grade A nonfat milk moved a penny higher to 86 cents/lb.  Dry whey gained 2 to 0.3750/lb on 5 trades.  

Nearby class III milk futures showed little mercy.  April crashed 29 cents to $13.40/cwt.   May dashed 18 cents lower to $11.00/cwt.  June stumbled 28 cents lower to $12.05.   July remained in its place at $13.88.  Second half 2020 is averaging $15.09/cwt.

Class IV milk futures were mixed once again.  April milk softened 15 cents to $11.42/cwt.  May milk didn’t trade and resides at $10.69/cwt.  June milk lost 14 cents to $11.09.  Second half 2020 sits at $12.67.