The June Class III milk futures contract finally gave up some ground today dropping to $19.75 during trading but rallying to close at $19.80/cwt, down $0.41 but still the highest futures price since 2014.
More remarkable, at its peak the contract gained more than $9.00 over 30 days. And, it made the year brighter for dairy producers; back on Friday 1 May, the Class III contracts for June through December averaged $14.69/cwt, but as of today’s close, that average was up to $17.47/cwt Futures prices are following cheese prices. The CME 40-pound block cheddar price on 4 May was $1.2125/lb. and by yesterday it had more than doubled to $2.5250/lb. CME 500-pound barrels were $1.2300 on 4 May and $2.3600 today. That is a jump...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
