Will Milk Prices Hit $18 Soon?
Butter gained 1.25 cents to add to its solid week in the CME Cash Dairy Product Trade. Blocks and barrels climbed 4.25 cents while both Grade A Nonfat Milk and Dry Whey remained unchanged.
Class III milk futures maintained a tight range throughout the course of the trading day. April lost 3 cents while both May and July scratched out a 7-cent gain. Eight out of the 10 remaining months in 2021 are posting numbers above $18.00/cwt. Class IV volume was slim to close out the week.
The grain complex extended morning gains with strength into the close. May corn surged 13 cents to $5.4550/bushel. May soybeans exploded 19.50 cents to $14.30/bushel. May soybean meal was up $1.60 to $418.20/ton. May Chicago Wheat inched 2 cents higher to $6.53/bushel.
Cattle and hogs joined in on the higher moves. April live cattle settled 47 cents higher to $119.02/cwt. $118/cwt has been a pivotal number, often acting as both support and resistance in this market in recent years. April feeders climbed a nickel to $139.02/cwt. May lean hogs crept 7 cents higher to $89.47/cwt. April crude oil rallied $2.50 to $66.33/barrel.
