Butter Prices Continue to Climb
March 29, 2021
CME spot values stayed steady to higher across all 5 products. Butter climbed 1.75 cents to $1.7925 per lb. Blocks gained 2.75 cents to $1.7475 per lb. on 7 trades. Barrels were up 1.75 cents to $1.48 per lb. Grade A Nonfat inched half a penny higher to $1.1750 per lb. Dry Whey is at $.6275 per lb.
Class III futures were mixed, showing very little reaction to the higher spot trade. March milk remains at $16.18 per cwt. April milk gained 6 cents to $17.14 per cwt. May lost 6 cents to $17.46. Little change was seen throughout the rest of 2021. No volume was seen in class IV.
Corn and soybeans moved lower in head of Wednesday’s Quarterly Grain Stocks and Prospective Plantings Report. May corn lost 5.75 cents to $5.4675. May soybeans settled 7.50 cents lower to $13.93 per bushel. May soybean meal retreated $5.90 to $398.10/ton. May Chicago Wheat improved 3.50 cents to $6.1675 per bushel.
Cattle saw strength while hogs settled lower. April live cattle jumped 87 cents to $120.97 per cwt. April feeder cattle rallied $1.95 to $147.07 per cwt. April lean hogs decreased 42 to $100.37 per cwt. May crude oil was up 54 cents to $61.51 per barrel.