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June Class III futures closed at $16.99, down 29 cents on the week, with spot cheese near an 18-month low. June Class IV rose 22 cents to $18.35 and spot butter hit a five-month high.
July corn futures gained 11.5 cents to $5.965 on the week, and USDA data showed March cheese output 0.2% below a year earlier.
Weak cheese and Class III values point to softer milk prices, while firmer corn futures raise feed grain costs for buyers.
totalfarmmarketing.comDustin JonassonMay 5, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
June Class III futures fell 29 cents on the week with spot cheese near an 18-month low, directly reflecting weak cheese pricing that drives Class III.
Weekly summary shows June Class III down 29 cents with spot cheese near an 18-month low, directly reflecting the cheese-driven weakness in Class III futures.
