Class III | Class III Prices Continue to Look Lower for the Near Future

It was a mixed bag across all commodities today.

In the CME Cash Dairy Product Trade butter rose 4 cents to $1.4950/lb. Blocks fell 2.75 cents to $1.53/lb. Barrels slid 5 cents to $1.44 on 11 trades. Grade A Nonfat Milk lost half a penny to $1.11/lb. Dry Whey inched ¾ of a penny higher to $.55/lb.

Nearby Class III months sold off while the back half of the year held strong. February lost 1 to $15.63. March tumbled 18 cents to $16.52. April took a 17-cent splash lower to $17.08/cwt. Little to no volume was seen in class IV milk.

Corn managed to strike a gain of ¾ of a penny to $5.53/bushel in March. March soybeans fell 1 to $13.8375. March soybean meal added $3.30 to $431.70/ton. March Chicago Wheat took a nosedive of 13.50 cents to $6.44/bushel.

Cattle and hogs settled lower on the day. February live cattle declined 85 cents to $115.30/cwt. March feeders decreased $2.35 to $138.42/cwt. April lean hogs suffered a loss of $1.27 to $84.90/cwt. March crude oil soared $1.22 to $61.27/bushel.

Look also

Gillibrand applauds USDA decision to restore fair dairy pricing formula

U.S. Senator Kirsten Gillibrand, chair of the Senate Agriculture Subcommittee on Livestock, Dairy, Poultry, Local Food Systems, and Food Safety and Security, praised the U.S. Department of Agriculture’s (USDA) decision to reinstate the “higher of” Class I pricing formula for milk.

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