Class III Milk Futures Start the Week Stronger

June 29, 2020

In the CME cash dairy product trade, block cheese validated this historical move once again, finishing 4.50 cents higher to $2.62 per lb. Barrels remained at $2.40 per lb. on 2 trades.  Butter saw 0 trades and sits at $1.7650. Grade A nonfat milk lost ¾ of a cent to $1.0125 per lb. Dry whey added half a cent to $0.3175 per lb.  

Class III milk futures were stronger today.  June milk gained 1 to $20.94/cwt. July surged 55 cents higher to $22.19. August climbed 17 cents to $19.24. Second half 2020 ranged from 55 cents higher nearby to -.04 cents in the December contract.  Quarter 3 is averaging $19.63 while quarter 4 settled at $16.29 per cwt.

Class IV milk futures continued its low liquidity today. Second half 2020 average is $15.13 per cwt.

The grain complex ran higher ahead of tomorrow’s USDA Acreage and Quarterly Grain Stocks report. December corn added 9.50 cents to $3.3475 per bushel.  November soybeans inched a quarter cent higher to $8.6125per bushel. July soybean meal dropped $1.60 to $280.50 per ton. September Chicago wheat improved 10.75 cents to $4.8650 per bushel.  

Fats and feeders prices also climbed higher.  June live cattle gained 30 cents to $95.00 per cwt. August feeders ascended 90 cents to $133.50 per cwt. August crude oil added $1.10 to $39.59.

milkbusiness.com