Butter melted away most of last week’s gains, falling 5.25 cents to $1.8225/lb in the CME Spot Dairy Auction. Blocks decreased 4.25 cents to $1.6825. Barrels dropped 3 cents to $1.70/lb. Grade A Nonfat Milk inched a half penny higher to $1.3050/lb. Dry Whey remains at $.64/lb.
Milk futures crashed to start the week. May milk fell 4 cents to $18.84/cwt. June plummeted 42 cents to $18.94. July lost 25 cents to $19.39/cwt. Class IV months were down with the weakness in spot butter.
New crop grain was unable to stop the bleeding from last week’s losses. December corn was down 5.50 cents to $5.3725/bushel. November soybeans fell 3.75 cents to $13.97/bushel. July soybean meal declined $3.60 to $414.90/ton. September Chicago Wheat lost 7 cents to $6.9950/bushel.
Feeder cattle saw nice gains with live cattle and lean hogs mixed. August feeders rallied $1.60 to $152.75/cwt. June live cattle gained a nickel to $115.35/cwt. June lean hogs fell 7 cents to $108.65/cwt. June crude oil surged $1.00 to $66.37/barrel.
