Milk Markets Crash Again to End a Bloody Week
April 3, 2020
It was another ugly day in the CME Cash Dairy Product Trade to end this bloodbath of a week. Butter suffered a 3 cent loss to end the week at $1.28/lb. Cheddar blocks were annihilated once again, losing 12 cents to $1.15 and 28.75 cents on the week. Cheddar barrels fell 3.75 cents to $1.1375. Grade A Nonfat Milk dropped 1.25 cents to $.8625. Dry Whey stood its ground and remained at $.33/lb all week.
Class III milk futures finished much softer to end the week. April tumbled 19 cents to $14.08/cwt. May milk plunged 73 cents to $12.15. June settled 39 cents lower to $13.21. July bled 34 cents lower to $14.14. Second half 2020 is now averaging $14.73/cwt.
Class IV milk futures slid to finish off the first week of April. May milk lost 25 cents to $11.23/cwt. July also lost 25 to $11.75. September crashed 38 cents to $12.40. Second half 2020 is now averaging $12.64/cwt.
May corn finished 2.75 cents lower to $3.3075/bushel. Spot soybeans fell 4.50 cents $8.5425. May soybean meal lost $5.90 to $303.20/ton. Spot Chicago Wheat rose 7.50 cents to $5.4925/bushel. April Live Cattle finished limit down at $88.325/cwt. April feeder cattle dropped $2.4250 to $108.25/cwt. April Crude oil was up $3.43 to $28.75.