Class III and IV priced raced higher on the Chicago Mercantile Exchange after news hit that USDA was making section 32 purchases. June Class III milk futures up 75 cents to $12.94. July 73 higher at $14.34. August through October contracts 49 to 70 cents higher. Class IV markets rose 9-40 cents per cwt. June through December 2020 as well. $16.00 milk has now reappeared to dairy producers in Q4 2020 in the Class III market. After today, that quarter will be sitting at prices not seen since March.
CME spot product markets closed today’s session higher across the board. Dry whey up $0.0025 at $0.3975. Blocks up $0.0075 at $1.2125. Three trades were made, with a range of $1.2125 to $1.2550. Barrels $0.04 higher at $1.23. Five trades made, ranging $1.23 to $1.2325. Butter up $0.0075 at $1.1950. Nonfat dry milk up $0.0125 at $0.8050.
The grain sector didn’t perform nearly as well as President Trump hinted at potential tariffs against China because of economic harm due to COVID-19 outbreak. Corn softened 3 cents, soybeans were off 12 and wheat was slightly higher.
