Class Three Continues to Show Weakness in Chicago to Start the Week

On the Chicago Mercantile Exchange Class III milk futures continued its weakness and volatility despite the spot cheese market being higher. June Class III milk futures where down 19 cents at $16.66. July down 57 at $16.25. August through October futures 52 to 67 lower. Class IV milk futures were sparsely traded. June milk declined 20 cents to $12.86/cwt. July fell 10 to $13.65. Second half 2020 remains at $14.42/cwt.

In the CME cash dairy product trade, blocks and barrels continued its impressive run higher. Blocks up $0.0350 at $1.8150. Barrels up $0.0175 at $1.7375. Eleven trades made, ranging $1.7375 to $1.75. Dry whey down $0.0175 at $0.3725. Eight trades were made, with a range of $0.3725 to $0.3850. Butter $0.04 lower at $1.6050. Nonfat dry milk up $0.0050 at $0.94. Six trades were made, with a range of $0.9325 to $0.94.

July corn gained 1.50 cents to $3.2075/bushel. Nearby soybeans jumped 6.50 cents to $8.45/bushel. September Chicago Wheat declined 3 cents to $5.00/bushel. Fats and feeders showed strength today. June Live Cattle rallied $1.72 to $98.72/cwt. August feeders finished $1.47 higher to $132.55. June crude oil soared $2.90 to $32.33.