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: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
