Milk Futures Show Continued Strength
May 13, 2020
We saw an impressive gain in the spot cheese and butter market today. Butter jumped 15.75 cents to $1.51/lb on 12 trades. Blocks gained 8.50 cents to $1.5775/lb on 2 trades. Barrels leaped 9 to $1.50. Grade A Nonfat Milk rose 2 to .88/lb. Dry whey lost a quarter cent to .40/lb.
Class III milk futures showed continued strength today. May milk gained 17 to $11.90/cwt. June and July milk finished limit up. June resides at $15.35 and July is at $16.05/cwt. August jumped 61 cents to $16.56. Second half 2020 finished 12-75 cents higher to an average of $16.54.
Class IV milk futures were thinly traded with wide bids and offers. July finished limit up to $13.39/cwt. August milk leapt 57 cents to $13.70/cwt.
Prices were softer throughout the grain complex today. July corn lost 4 cents to $3.1825/bushel. July soybeans trembled 12.50 cents to $8.3950. May soybean meal fell $3.40 to $285.20/ton. September Chicago Wheat stumbled 12.25 cents to $5.0525/bushel. June live cattle fell $3.30 to $93.875. August feeder cattle lost $2.67 to $133.07. June crude oil declined 21 cents to $25.57.