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

Shares of Saputo Inc. SAP, -0.63% dropped 2.76% to C$33.15 Monday, in what proved to be an all-around negative trading session for the Canadian market.

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