Class III Markets Roar, Moving Limit Up Through October
July 20, 2020
Class III milk prices roared back higher after some softness early in Monday’s session. Futures prices added the limit of 75 cents in August, September and October while November jumped 60 and December traded up 44. First quarter 2021 rose 14 to 21 as well. Class IV markets ended the day mixed.
Product values ended with fairly modest changes. Butter lost a penny to $1.68 per lb. following 11 transactions. Blocks added a quarter cent to $2.66 ¼, 3 loads moved from seller to buyer. Barrels moved 4 loads and 2 cents higher to $2.45 per lb. Grade A nonfat dry milk lost a penny and ended at 99 cents per lb. while dry whey closed unchanged at 33.5 per lb.
In other markets wheat weakened 12 cents in Chicago and 13 in Kansas City, respectively. Minneapolis declined 6. Wheat put pressure on corn as corn lost 4 cents in December and moved to $3.35 ¾. Cattle dropped $1 in both the fats and feeder markets while hogs doubled that, falling $2 per cwt.