Class III Heads in the Wrong Direction
Prices were unchanged to lower in the CME Cash Dairy Product Trade. Butter, block cheese, and whey all remained the same while barrels and Grade A Nonfat Milk dropped in price.
Class III milk prices moved slightly lower on the day with May down 23 cents to $18.95/cwt. June milk gave up 20 cents to $19.66/cwt. July milk lost a dime to $19.75/cwt. Class IV milk prices decreased slightly.
The grain markets set new contract highs before giving back the gains and more in most months. May corn settled 7.75 cents to $7.3225/bushel. May soybeans finished at $15.6025/bushel after hitting $16.00/bushel on the overnight session. May soybean meal retreated $9.80 to $416.20/ton. May Chicago Wheat tumbled 17 cents to $7.2550/bushel.
Cattle markets were mixed to start the month of May. June live cattle lost $1.27 to $115.30/cwt. August feeders gained a nickel to $146.80/cwt. June lean hogs surged $2.92 to $112.65/cwt. June crude oil gained 86 cents to $64.44/barrel.
