Milk Markets Gain On Strong Day Of Trading
A strong day of trading in the CME spot product trade maintains the gains made to Class III milk. Butter gained 1 ¼ cent on two trades to finish at $2.37 ½ per lb. Cheddar Blocks moved back to $1.80 per lb. gaining 2 cents with 3 loads trading hands. Cheddar barrels followed along and gained 4 ½ cents to $1.69 per lb. with 5 loads trading. The block barrel spread narrowing to 11 cents.
Grade A nonfat dry milk was our lone market to move lower. Losing half a cent to $1.04 ½. Continuing to tread water since the beginning of May between $1.04 and $1.07 per lb. Dry whey was unchanged holding at $0.34 ¼ per lb.
Class III milk was unchanged for June at $16.28, July gained 8 cents to $16.95 and August gained 6 cents to $17.24. Second half months were even to 8 cents higher averaging $17.24 per cwt. Jan- March of 2020 averages $16.49 per cwt.
Class IV milk was not as strong. June was unchanged at $16.80, July fell 1 cent to $17 even, and August fell 4 cents to $17.24.
Grain and feed markets retracted off of their recent rallies. July corn fell 8 ¾ to $4.41 per bu., July Soybeans fell 10 ¼ to $9.03 ¼, and July SBM fell $5.10 to $316.90 per ton.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets