Class III | Class III Prices Retreat Significantly

Butter dipped back just beneath $1.90/lb in the CME Cash Dairy Product Trade.

Blocks lost 5.50 cents to $1.8050 on 2 offers, no trades took place. Barrels fell 4.50 cents to $1.72/lb on 9 trades. Grade A Nonfat Milk moved 1 cent lower to $1.2050/lb. Dry Whey added 1 to $.66/lb.

After posting the highest spot class III prices yesterday in 5 months, class III prices retreated significantly with sell side pressure showing up in spot cheese. April milk settled 26 cents lower to $17.60/cwt. May drifted 47 cents lower to $19.49/cwt. 52 cents evaporated off of the June contract to $19.50/cwt.

Soybean meal was the lone feed input to retreat lower. May soybean meal sank $6.90 to $395/ton. May soybeans gained 7.50 cents to $13.8950/bushel. May corn jumped 11 cents to $5.80/bushel. May Chicago Wheat was up 1.75 cents to $6.2975/bushel.

Cattle moved lower while lean hogs were mostly unchanged. June live cattle tumbled $1.17 to $120.92/cwt. May feeders settled $2.37 lower to $147.32/cwt. May lean hogs added 52 cents to $104.92/cwt. May crude oil gained 68 cents to $60.38/barrel.

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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