Milk Prices Plunge Lower

Class III milk futures were lower across the board. May milk plunged 75 cents lower to $24.38/cwt. June decreased 55 cents to $24.70/cwt. Class IV futures were 10-20 cents lower today.
Class III milk futures were lower across the board. May milk plunged 75 cents lower to $24.38/cwt. June decreased 55 cents to $24.70/cwt. Class IV futures were 10-20 cents lower today.
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Tuesday’s Global Dairy Trade event #306 tool place and the price index settled lower on the day by 3.6%. Whole Milk Powder pulled back 4.4% to $1.89/lb, the third consecutive decrease from the 5-year set back in March. Skim Milk Powder eased 4.2% to $2.01/lb. Cheddar cheese was 3.9% lower to around $2.80/lb. Butter fell 3.6% to $3.01/lb.

In the CME spot trade, dairy products were lower on the day. Block cheese dropped 3.75 cents to $2.36/lb. Barrel cheese eased 2 cents to $2.3950/lb. Butter was down 2.25 cents to $2.7175/lb. NFDM slid 2.50 cents to $1.7975/lb. Whey pulled back half a penny to $0.6350/lb.

Class III milk futures were lower across the board. May milk plunged 75 cents lower to $24.38/cwt. June decreased 55 cents to $24.70/cwt. Class IV futures were 10-20 cents lower today.

The grain markets traded lower to mixed throughout the course of the day. December corn declined 2.75 cents to $7.47/bu. November soybeans gave up half of a penny to $15.2050/bu. May soybean meal receded $1.60 to $464.40/ton. September Chicago Wheat pulled back 18.25 cents to $11.05/bu.

The livestock sector was varied Tuesday. June live cattle gained 77 cents to $136.57/cwt. May feeder cattle increased $1.62 to $160.77/cwt. June lean hogs finished $1.07 lower to $121.32/cwt. June crude oil dropped $5.45 to $102.16/barrel.

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