Class III Prices Explode
The Class III Dairy complex exploded today! On the Spot Trade, Block Cheese advanced 11.5 cents up to $1.9250. Barrels gained 4.5 cents to $1.8400 with 7 lots trading. Dry Whey slipped a ¼ of a cent to $0.4375. April Class III Milk Futures went limit up to $18.53. Class IV products were much quieter. Spot Butter remained unchanged at $2.3800 while Spot NFDM tacked on a penny and a half to $1.1850. April Class IV Milk Futures ticked up 13 cents from yesterday’s settlement, up to $18.05.
Grains had a good day as well. Everyone has been waiting patiently for the Black Sea Grain Corridor Deal decision. As of now, the agreement has been extended 60 days instead of the full 120 with both sides up in arms. In turn, May Corn captured 7 and a quarter cent, finishing at $6.2075. May Soybeans managed to gain just under 3 cents, settling at $14.9375. May Soy Oil ticked up 32 cents per pound to $0.5618. May Soybean Meal almost gained 2 dollars to $481.20/ton. May Wheat experienced a green day finally, as it received 11.75 cents in its favor to $6.9625.
Livestock markets reacted negatively to the positive grain market sentiment. April Live Cattle lost 50 cents, down to $163.050. April Feeder Cattle dropped even further, down $1.325 to $195.750. April Lean Hogs eroded away, losing nearly 83 cents to $85.400. April Crude Oil lost over $3.50 to $71.33 while April Fuel shaved about 5 cents off, down to $2.7144.
March 14, 2023