Class III Prices Retreat Significantly
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Butter dipped back just beneath $1.90/lb in the CME Cash Dairy Product Trade.  Blocks lost 5.50 cents to $1.8050 on 2 offers, no trades took place.  Barrels fell 4.50 cents to $1.72/lb on 9 trades.  Grade A Nonfat Milk moved 1 cent lower to $1.2050/lb.  Dry Whey added 1 to $.66/lb. 

After posting the highest spot class III prices yesterday in 5 months, class III prices retreated significantly with sell side pressure showing up in spot cheese.  April milk settled 26 cents lower to $17.60/cwt.  May drifted 47 cents lower to $19.49/cwt.  52 cents evaporated off of the June contract to $19.50/cwt. 

Soybean meal was the lone feed input to retreat lower.  May soybean meal sank $6.90 to $395/ton.  May soybeans gained 7.50 cents to $13.8950/bushel.  May corn jumped 11 cents to $5.80/bushel.  May Chicago Wheat was up 1.75 cents to $6.2975/bushel.

Cattle moved lower while lean hogs were mostly unchanged.  June live cattle tumbled $1.17 to $120.92/cwt.  May feeders settled $2.37 lower to $147.32/cwt.  May lean hogs added 52 cents to $104.92/cwt.  May crude oil gained 68 cents to $60.38/barrel. 

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