Economic - Markets
Milk Prices Sizzle to Kick Off the First Day of Summer
GDT Event #310 took place this morning, falling 1.3% on the overall price index. Cheddar was the big mover in the GDT, dropping 9%. The USDA released the May Milk Production Report Tuesday afternoon as well. Cow numbers were up 2,000 head month over month with daily output falling 0.7% YoY.
Class III milk futures rebounded over course of the trading day on Tuesday. July milk dropped 20 cents to $23.36/cwt. August Milk fell 11 cents to $24.02/cwt. September milk inched 3 cents higher to $23.95/cwt. Class IV milk futures were higher on the day.
The grain markets started the trading week in the red. December corn tumbled 29.50 cents to $7.0150/bu. November soybeans declined 27 cents to $15.1050/bu. December soybean meal gave up $4.40 to $402.60/ton. July Chicago Wheat crashed 59 cents to $9.7525/bu.
Red and green were both seen in the livestock sector. August live cattle dropped 32 cents to $136.25/cwt. August feeder cattle rallied $2.35 to $175.30/cwt. July lean hogs increased $1.72 to $112.72/cwt. July crude oil gained $1.02 to $110.58/barrel.
