Milk Markets Mixed on Wednesday
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.