On the Chicago Mercantile Exchange milk futures started the week lower with limited cash news as the spread of coronavirus continued in China but also to other countries as well. A broad-based commodity sell-off was witnessed as corn fell 4 and a half cents; soybeans were down 16 and a half and the wheat complex softened 10-17 cents. Cattle futures closed limit down in fats and feeders while lean hogs dropped $2.40 per cwt. Crude oil lost $2 and diesel was off 7 and a half cents per gallon.
Class III and IV markets fell just like all other commodities. Prices declined 3-13 cents per cwt. in March through December in Class III while Class IV markets were walloped another 18-40 cents per cwt.
Dry whey unchanged at $0.37. Blocks down unchanged at $1.7675. Barrels unchanged at $1.59. Butter down $0.0175 at $1.7375. Nonfat dry milk down $0.03 at $1.14.
