May Class III milk was released today at $18.55. Class IV finished at $20.50 and is a highlight to a day that had a limit move lower in Class III milk. Traders were early sellers ahead of the dairy products trade at 11 am CST. Butter fell 6 ¾ cents back to $3.09 1/2/lb, Cheddar blocks fell 3 cents to $1.86/lb with barrels falling 1 ½ cents to $1.94 1/2/lb. Powders were our only bright spot with whey unchanged at $0.44/lb and Grade A Non Fat Dry Milk gaining a penny to $1.20/lb even.
Class III milk tumbled 35 cents lower to $19.50/cwt in June, July fell 72 cents to $20.15/cwt with August down 73 cents to $20.36/cwt. The balance of 2024 Class III milk was 28-44 cents lower.
Class IV milk also struggled. With June down 3 cents to $21.31, July down 33 cents to $21.65, and August falling 48 cents to $21.77/cwt.
Grain prices continued the red with corn sliding on good rain in the midwest to $4.39 ¼ in July and to $4.59/bu at harvest. Soybeans only slid a penny and ¾ to $11.77/bu with soybean meal up $2.00 to $359.50/ton.
With Ever.Ag this is Jenny Wackershauser on Know Your Markets.
