Class III Futures Continue to Soar
Butter regained yesterday’s losses and more in the CME Cash Dairy Product Trade, adding 3 cents to $1.8450/lb. Block cheese was up ¾ of a penny to $1.8075/lb. Barrels inched half a penny higher to $1.5850/lb. Grade A Nonfat Milk ended up 1.25 cents to $1.2025/lb. Dry Whey lost 2 cents to $.64/lb.
Class III futures trended higher once again. April gained 7 cents to $17.62/cwt. May milk surged 24 cents to $19.42/cwt. June exploded 34 cents higher to $19.61/cwt. July jumped 22 cents to $19.42/cwt. Class IV futures settled 10-25 cents higher in second half 2021, ranging from $16.70-$17.25/cwt.
Corn led the pace higher in the grain markets ahead of tomorrow’s WASDE report. May corn launched a gain of 19.25 cents to $5.7975/bushel. May soybeans moved 6.50 cents higher to $14.1525/bushel. May soybean meal receded $2.30 to $406.80/ton. May Chicago Wheat finished 12.50 cents higher to $6.2875/bushel.
Cattle and lean hogs were a mixed bag. April live cattle jumped $1.00 to $124.15/cwt. April feeders were down 50 cents to $147.12/cwt. April lean hogs settled up 60 cents to $103.47/cwt. May crude oil inched 7 cents higher to $59.84/barrel.
