Class III Milk Strengthens on Positive Cheese Trade
June 9, 2020
In the CME cash dairy product trade, cheddar blocks lost steam, dropping 4.50 cents to $2.54/lb. on 1 trade. Barrels added 6.50 cents to $2.4250. Butter melted .25 cent to $1.9225/lb. Grade A nonfat milk lost .75 cent to .9525/lb. Dry Whey also dropped .75 cent to $0.3275/lb.
Class III milk futures saw considerable strength today. June milk launched a 41-cent gain to $20.55/cwt. July skyrocketed 62 cents to $19.56. August improved 42 cents to $17.89/cwt. Second half 2020 gained 19-62, and is residing at $17.59/cwt.
Class IV milk futures were thinly traded today. June milk remains at $14.08/cwt. July milk is trading at $15.10. Second half 2020 is averaging $15.48/cwt.
The grain complex showed weakness across the entire spectrum. July corn fell 6.25 cents to $3.2725/bushel. Spot soybeans lost 1.50 cents to $8.6325/bushel. July soybean meal descended $1.30 to $287.10/ton. September Chicago wheat declined 6.50 cents to $5.1075/bushel. June live cattle ascended $2.20 to $96.32/cwt. August feeders added $1.17 to $134.25/cwt. Crude oil improved 45 cents to $38.64.