Have Milk Prices Found Their Floor?
Dairy Markets seemed to have found a floor, for now. On the CME Spot auction, Block Cheese went down $0.0200, settling out at $1.6425 with 9 lots traded. Barrel Cheese gained 1.5 cents to $1.4900 with 15 lots exchanged. Dry Whey also increased over a penny to $0.3450 with 13 lots traded. May Class III Milk stayed rather flat, settling at $16.62. Class IV markets were much quieter. Butter and Nonfat Dry Milk were unchanged at $2.4000 and $1.1650, respectively. May Class IV Milk was the same at $17.86.
A good crop progress report and lack luster exports have pressured grain markets this week. May Corn slipped down 5 cents, finishing at $6.4150. May Soybeans dropped 9.25 cents to $14.3600. May Soybean Meal tumbled almost 9 dollars per ton to $426.0. In turn, Soy Oil gained 37 cents to $52.08/cwt. Wheat continues its demise in all months, as May Wheat gave up over 11 cents to $6.4200.
Livestock markets reacted positively in response to the poorly performing grain markets. June Live Cattle increased more than 50 cents to $164.575. May Feeder Cattle tacked on 85 cents, settling to $210.275 with the Feeder Cattle Cash Index being over $230/cwt. May Lean Hogs finally gain some traction, adding $1.40 from yesterday finishing at $78.275. Crude Oil gave up close to $3 dollars, falling toward $74 per barrel.
