Milk Futures Crash Again Thursday
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.