Though we are seeing Class III milk gain nicely, the higher prices of corn and soybeans are pressuring profits for dairymen. May corn gained 1 ½ Monday to 5.47/bu with December finished at 4.81 ½. Soybeans set new highs overnight at 14.60/bu to settle just 3 ¾ cents higher at 14.33 ¾ with Soybean meal fall 1.70 to 418.30/ton.
Class III milk moved 5 cents higher in March at $16.35, April gained 11 cents to $17.75, May gained 13 cents to $18.27. Second half of 2021 was 10-15 cents higher and is averaging $18.24/cwt.
Class IV lost some steam. March was unchanged at $14.32, April fell 13 cents to $15.09, May fell 8 cents to $15.58/cwt. Balance of 2021 was unchanged to 4 cents lower. Averaging at $16.62/cwt.
The CME spot trade was a bit of a sleeper. Cheddar blocks and barrels held unchanged with no trades or offers with blocks at 1.73 ¼, barrels at 1.50 ¾. Butter gained a quarter of a cent to 1.69 ¼. Grade A Non Fat Dry Milk was unchanged at $1.17 ¾ and Dry whey was our biggest mover, gaining 1 ½ cents to $0.59 1/2/lb.