No April Fools Here, Class III Futures Keep Shooting Up!
April 1, 2021
The CME Cash Dairy Product Trade posted strong gains to start the month of April.
Butter gained 2.75 cents to $1.8450/lb. Block and barrel cheese added 3.75 and 3 cents respectively. Grade A Nonfat Milk was up half a penny to $1.19/lb. Dry Whey remains at $.66/lb.
April Class III futures were down 9 cents to $17.51/cwt. May milk jumped 18 cents to $18.41/cwt. June milk finished 16 cents higher to $18.60/cwt. July milk shot 27 cents higher to $18.69/cwt. Class IV saw gains of 3-11 cents in 2021 with 2022 up 8-20 cents.
The grain markets turned around after initial strength on the Wednesday night open.
New crop corn and soybeans were able to maintain gains. May corn decreased 4.50 cents lower to $5.5975. May soybeans took a nosedive of 34.75 cents to $14.02/bushel.
May soybean meal retreated $13/ton to $410.20/ton. May Chicago wheat declined 7 cents to $6.11/bushel.
Fats and feeders showed mixed reactions while lean hogs moved higher. June live cattle finished 35 cents lower to $122.55/cwt. August feeder cattle settled 72 cents higher to $158.00/cwt. April lean hogs rallied 72 cents to $101.77/cwt. May crude oil saw gains of $2.14 to $61.30/barrel.