Spot butter plunged 11 cents on six trades to $2.69/lb in the CME spot dairy trade.
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Blocks gained half a penny to $1.9875/lb. Barrels climbed to $1.9350/lb. Whey remained steady at $0.81/lb. NFDM gave up 2 cents to $1.87/lb.

Class III milk futures were higher on the day. March milk settled 4 cents higher to $22.35/cwt. April milk progressed 16 cents to $22.79/cwt. Class IV milk futures saw weakness in the near term with butter and NFDM trading lower.

The grain market saw some strength. March corn added 3 cents to $6.50/bushel. March soybeans jumped 4.50 cents to $15.92/bushel. May soybean meal rose $.20 to $447.50/ton. March Chicago Wheat surged 17.50 cents to $7.98/bushel.

The livestock market was mixed on the day. April live cattle fell 15 cents to $146.77/cwt. March feeder cattle lost $1.25 to $166.20/cwt. April lean hogs rallied $2.17 to $107.57/cwt. March crude oil slid $2.05 to $91.61/barrel.

Fonterra chair Peter McBride addresses what he calls ‘spurious suggestions’ that the co-op might fall victim to a corporate takeover.

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