Economic - Markets

Class III Milk Futures Rally Higher

Global Dairy Trade event #305 concluded with the price index 1% lower on the day. Cheddar rallied to a 5-year high of $2.94/lb, while our domestic price is trading around $2.27/lb. Butter settled slightly lower on the day to $3.06/lb when converting to 80% butterfat. Skim Milk Powder gained 1% to $2.10/lb while the U.S. price is sitting at $1.85/lb.

In the CME spot dairy auction, spot blocks held steady at $2.2625/lb. Barrels slid to $2.26/lb. Butter advanced to $2.74/lb. Whey remains at $0.59/lb. NFDM shed 1 penny to $1.84/lb.

Class III milk futures rallied 20-50 cents. May milk climbed 43 cents to $24.42/cwt. June surged 52 cents to $24.35/lb. Class IV milk experienced near-term weakness.

The grain markets saw green across the board. December corn gained 7.50 cents to $7.0650/bushel. November soybeans added 16 cents to $14.5575/bushel. May soybean meal was up $10.80 to $465.90/ton. September Chicago Wheat came off of its highs to settle at $10.4525/bushel.

The livestock sector ended lower Tuesday. June live cattle eased $1.60 to $133.32/cwt. May feeder cattle fell $3.47 to $159.00/cwt. May lean hogs dropped $1.55 to $107.75/cwt. May crude oil declined $2.16 to $101.12/barrel.

Source: Collect

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Class III Milk Futures Rally Higher

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