Milk was the bright spot in a RED CME on THursday. Grains continued to catapult lower on continued planting progress and cancelled orders from China. Fall feed prices took some pressure off dairy producers margins as December corn slid 12 ¾ cents to $5.30 3/4, levels we have not traded for that contract since December of 2021. November soybeans also fell 11 ¼ cents to $12.55 1/2, with soybean meal in December sliding just 10 cents to $401.90/ton
The CME spot trade had a bounce back in cheese finally. CHeddar blocks gained 3 ¾ cemts tp $1.68/lb, with Barrels up 10 cents to $1.59/ton. GIving us a Block/Barrel spread of 9 cents and a cheese average at $1.63 1/2/lb. Butter gained 1 ¼ cents to $2.41 ¼ with Whey unchanged at $0.34 1/2/lb. Only Grade A Non Fat Dry milk moved lower, sliding ½ cent to $1.16/lb.
Class III milk saw it’s first green in several days. April finished unchanged as it winds down the month at $18.62, May gained 30 cents to $16.91, and June gained 27 to $17.45/cwt. The balance of 2023 2 lower to 11 cents higher.
Class IV milk was mostly unchanged with April at $17.98, May at 17.80, and June at $18.00/cwt.
The US dollar is trading at 101.23, the lowest level we have traded going back to June of 2022, with crude oil sitting at $74.87 as we wind down the trading day.
With Ever.ag this is Jenny Wackershauser on Know your markets.
