Class III Continues To Gain Strength
May 5, 2020
We saw continued strength in the CME Cash Dairy Product Trade. Butter remained unchanged at $1.19 and a half cent. Cheddar blocks rallied 4.5 cents to $1.25 and ¾ cent on 1 trade. Cheddar barrels gained 1 to $1.24/lb on 7 trades. Grade A Nonfat Milk remained unchanged at 80 and a half cent. Dry whey rose 1/4 cent to $.40/lb.
Class III finished stronger on the heels of yesterday’s Section 32 announcement. May milk climbed 4 cents to $11.54/cwt. June milk rallied 65 cents to $13.59. July jumped 45 to $14.79. Second half 2020 was up 9-45 and is now averaging $15.90/cwt.
Class IV milk futures were positive as well. June milk skyrocketed 49 cents to $11.15. July leapt 38 cents to $11.50/cwt. August was up 50 to $12.25/cwt. Second half 2020 climbed 28-50 cents and now resides at $12.70/cwt.
Spot corn gained 2.25 cents to $3.13/ bushel. December corn sits at $3.3425/bushel. May soybeans rose 4.25 cents to $8.38 and ¼ cent. November soybeans gained ¾ cent to $8.46 and a half cent. September Chicago Wheat finished 1.75 cent higher to $5.23 and 3/4. June feeder cattle dropped $1.60 to $86.47/cwt. August feeder cattle fell 72 cents to $128.25. June Crude Oil blasted $4.17 higher to $24.56.