No April Fool's, Class III Sees Green
April 1, 2020
No April’s fool joke for Class III Milk. Green showed up on the Futures as we turn the Calendar to April. The CME spot trade was not as lucky.
Class III milk saw April fall 4 to 14.45, but the balance saw nice gains. May up 38 to 13.12, and June gained 50 cents to 13.56. July forward gained 37-55 cents to average at 14.89/cwt.
The CME spot trade saw Butter trade 5 loads and fall 2 ½ cents to $1.31/lb. Cheese found some buyers. Cheddar blocks fell 2 cents to 1.31/lb but actually traded its first load of the week. Cheddar Barrels fell 3 to 1.17 ½ with 1 load trading 2 bids and no offers.
Grade A Non Fat Dry Milk fell a penny to $0.87 1/2/lb with 11 loads trading. Dry whey continues as the most stable market – holding at $0.33/lb with no loads trading, 3 bids and 2 offers.
Class IV milk recouped some losses as well. April up 2 to 11.54, May gained 40 cents to 11.73 and June gained 19 to 11.87/cwt.
Grain markets didn’t follow the milk trend. Corn fell 6 cents to 3.34 ¾, Soybeans fell 23 ¼ cents to 8.62 ¾, and Soybean meal fell $6.60 to $314.90/ton.