Butter prices at the latest Global Dairy Trade event plunged 12.5% to $5,807 per metric ton, or $2.63 per pound on an 80% butterfat equivalent. Spot butter slipped to $2.6200 per pound, $0.0475 lower. GDT cheddar prices tumbled 8.6% to $5,652 per metric ton, or $2.56 per pound. Spot blocks held steady at $2.3475 per pound, with zero loads changing hands. Barrels remained at $2.3000 per pound, with no lots exchanged.
Third quarter Class III futures stumbled to $23.37 per hundredweight, down 34 cents. GDT WMP prices dropped 6.9% to $3,916 per metric ton, or $1.78 per pound. SMP prices fell 6.3% to $4,130 per metric ton, or $1.87 per pound. Spot NDM slid to $1.7100 per pound, giving up four cents, with two loads trading. Spot dry whey paused at $0.5950 per pound, with zero lots changing hands.
May corn futures tumbled to $8.0075 per bushel, down $0.1225. The May soybean contract sank to $16.5900 per bushel, a 15-cent slide.
