July Class III futures topped $20/cwt today on the Chicago Mercantile Exchange, closing at $20.05.
Class III futures average $18.89 June through December on today’s close. In the Midwest, with a basis of 2/cwt and even $3/cwt over Chicago prices, that suggests producers could lock in mailbox prices above $20 for the rest of the year.
The challenge, of course, is feed costs. July corn closed today at $7.58/bu and July soybeans closed at $13.86/bu.
