milk
April 3, 2020

Milk Markets Crash Again to End a Bloody Week

 |  By: Know Your Market

It was another ugly day in the CME Cash Dairy Product Trade to end this bloodbath of a week.  Butter suffered a 3 cent loss to end the week at $1.28/lb.  Cheddar blocks were annihilated once again, losing 12 cents to $1.15 and 28.75 cents on the week.  Cheddar barrels fell 3.75 cents to $1.1375.  Grade A Nonfat Milk dropped 1.25 cents to $.8625.  Dry Whey stood its ground and remained at $.33/lb all week.

Class III milk futures finished much softer to end the week.  April tumbled 19 cents to $14.08/cwt.  May milk plunged 73 cents to $12.15.  June settled 39 cents lower to $13.21.  July bled 34 cents lower to $14.14. Second half 2020 is now averaging $14.73/cwt.  

Class IV milk futures slid to finish off the first week of April.  May milk lost 25 cents to $11.23/cwt.  July also lost 25 to $11.75.  September crashed 38 cents to $12.40.  Second half 2020 is now averaging $12.64/cwt.

May corn finished 2.75 cents lower to $3.3075/bushel.  Spot soybeans fell 4.50 cents $8.5425.  May soybean meal lost $5.90 to $303.20/ton.  Spot Chicago Wheat rose 7.50 cents to $5.4925/bushel.  April Live Cattle finished limit down at $88.325/cwt.  April feeder cattle dropped $2.4250 to $108.25/cwt.  April Crude oil was up $3.43 to $28.75.