Dairy Markets Continue Upward Trend
June 17, 2020
Spot cheese has continued to maintain its strength this week. Blocks remained unchanged at $2.50/lb. on 2 trades. Barrels added a half a penny to $2.33/lb. on 2 trades. Butter lost 2.25 cents to $1.80/lb. on 10 trades. Grade A nonfat milk gained 1.75 cents to $1.03/lb. Dry Whey fell 1 cent to $0.3050/lb.
Class III milk futures finished higher in the nearby months. June improved 29 cents to $20.93/cwt. July ascended 38 cents to $19.80/cwt. August milk increased 26 cents to $18.15/cwt. Second half 2020 ranged from losing 2 cents to gaining 44 cents. Second half 2020 is now averaging $17.58/cwt.
Class IV milk futures saw very few months trading today. June resides at $13.35/cwt. July settled at $15.19. August milk is sitting at $15.45/cwt. Second half 2020 average is $15.74/cwt.
The grain complex was a mixed bag today. July corn added 1.25 cents to $3.3025/bushel. December corn remained unchanged at $3.4275. Spot soybeans climbed 4.25 cents to $8.7125/bushel. November soybeans ascended 3.50 cents to $8.7650. July soybean meal fell 10 cents to $287.80/ton. September Chicago Wheat descended 7.25 cents to $4.94/bushel. June live cattle finished 17 cents higher to $96.50/cwt. August feeders gained 70 cents to $133.57/cwt. July crude oil declined 70 cents to $37.70.