Class III milk futures were lower on follow through selling on the Chicago Mercantile Exchange. Class III milk futures closed 9-22 cents lower. March is now trading at $16.67 per cwt. June and onward in 2020 still holds a price in excess of $17.00 per cwt. Class IV markets took it on the chin even harder. March milk lost 30 cents per cwt. while all other months declined double digits.
In the cash market, cheese barrels were steady at $1.585 and blocks were down a penny at $1.80. Grade A nonfat dry milk was $.0175 lower at $1.1775, AA butter was down $.02 at $1.755, and extra grade dry whey held at $.37.
The commodity space watched red spread across the various markets on Thursday. Grains saw corn lose 2 and a half cents, soybeans fell 5 cents and the wheat complex softened 5-6 cents per bu. The meat markets followed suit as fat cattle dropped $1 and a half dollars per cwt., feeders softened 75 cents and hogs lost $1 per cwt.
