Class III Continues Its Downward Spiral
March 26, 2020
Commodity markets saw mostly softer prices today. Spot corn inched a quarter cent higher to $3.4875/bushel. May soybeans fell 1.25 cents to $8.8025. May soybean meal gained $1.20 to $322.90/ton. Spot Chicago Wheat tumbled 11 cents to $5.69/bushel. April Live Cattle was down $3 to $105.45/cwt. April Feeder cattle lost $3.6250 to $125.10.
We saw weaker prices in the CME Dairy Product Trade today. Butter dived 6.25 cents lower to $1.59. Cheddar blocks slipped 5 cents to $1.74. Barrels trembled 3.75 cents to $1.4025. Grade A Nonfat Dry Milk fell 3.25 cents to $.9650/lb. Dry whey remained unchanged at $.33/lb.
Class III milk genuflected at the heels of lower cheddar blocks and barrels. April milk slid 24 cents to $15.70. May was down 35 cents to $14.54. June milk suffered the biggest loss at 44 cents to $14.71/cwt. Second half 2020 lost 19-33 cents for an average price of $15.76.
Class IV milk prices fared even worse than class III milk. May milk lost 50 cents to $13.00/cwt. June milk fell 47 cents to $13.13. July dropped 33 cents to $13.47/cwt. Class IV second half is now averaging $14.22/cwt.