Class III Milk Ignores Cheese Trade, Moves Higher
July 6, 2020
A mixed cheese trade couldn’t slow Class III milk’s big move higher to kick off the week. Barrel cheese softened 4.5 cents to$2.37 per lb. following 2 loads exchanging hands. Blocks moved 5 loads and 2.5 cents higher to $2.70. After Monday’s session blocks sit just 11 cents from the peak set on Jun 23. Dry whey lost 1 ¾ cents to 31 ¼ per lb. Butter added ¾ of a cent to $1.745. Nonfat dry milk was up a quarter cent to $1.01 ¼.
Class III milk futures strengthened 28 cents in July to $23.25 per cwt. August led the pack jumping 65 cents to $21.60. September through December gained 13-27 cents per cwt. 2021 prices gained 13-27 cents per cwt. 2021 prices gained modestly as well. Class IV prices traded 18 higher in August and 11 stronger in September.
Over in the grain complex, futures added value following last Thursday’s selloff. Corn closed at $3.56 ¼, up 2 ¾. Soybeans ran 9.5 higher for new crop and ended at $9.06 ¼. Wheat added 1-4 cents. Live and feeder cattle both added around $1 per cwt on Monday.