Milk Not Spared in Monday Market Beatdown
Commodities across the board had an atrocious day. Spot corn dropped 4 ¾ cents to $3.4125 per bushel. May soybeans gained ¾ of a cent to $8.8225. Nearby Chicago Wheat rallied 7.75 cents to $5.7150 per bushel. April Live Cattle finished $1.75 lower to $99.20 per cwt. April Feeder Cattle fell 55 cents to $120 and 5 cents.
It was an absolute train wreck in the CME Dairy Product trade today as butter was down 9 cents to $1.3975. Cheddar blocks had 15.25 cents beaten out of the market to $1.4375. Cheddar barrels slid 4 cents lower to $1.30 per lb. Grade A nonfat milk lost 2.50 cents to $.895 per lb. Dry whey remained unchanged at $.33 per lb.
Class III milk futures showed no mercy today. April tumbled 49 cents to $14.83. May milk had 72 cents ripped out to $13.15 per cwt. June milk was the biggest loser, finishing limit down at $13.25. Second half 2020 lost 30-67 cents and is now averaging $14.75 per cwt.
Class IV milk was not spared in the dairy beatdown. April, May, and June did not have any trades today. July milk suffered a 66-cent loss to $12.18 per cwt. August fell 38 cents to $12.85. September milk finished limit down to $12.75 per cwt. Second half 2020 is now averaging $12.96 per cwt.