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April 22, 2020

Milk Markets Mixed on Wednesday

 |  By: Know Your Market

Corn and soybeans saw a nice rebound in the market today.  Spot corn rallied 8.25 cents to $3.1750/bushel.  May soybeans gained 4 cents to $8.3475.  Spot soybean meal lost 80 cents to $288.30/ton.  Chicago wheat fell 3.75 cents to $5.43/bushel.  April Live Cattle lost $2.65 to $88.95.  April Feeder Cattle rose 57 cents to $118.47/cwt.  April crude oil was 2.25 higher to $13.82.  

In the CME cash dairy product trade butter melted 5.25 cents away to $1.1325.  Cheddar blocks gained 1.25 cent to $1.02/lb.  Cheddar barrels remained unchanged at $1.0125 on 3 bids.  Grade A Nonfat milk lost 1 cent to $.8250/lb.  Dry whey remained in place at $.3850.

Class III milk futures were mixed today.  April milk finished 17 cents lower to $13.20/cwt.  May milk gained 6 to $10.45.  June milk stumbled 15 cents to $11.01/cwt.  July milk fell 17 cents to $12.94/cwt.  Second half 2020 is now averaging $14.65/cwt.  

Class IV milk futures were negative today.  July milk leaked 25 cents to $11.25/cwt.  August and September milk also both suffered a 25-cent loss to $11.75 and $12.25/cwt.  October milk tumbled 21 cents lower to $12.70.