Cheese Continues To Be Punished
The dairy complex was punished further on Tuesday in cheese and close up Class III months. Block cheese saw offers weigh on the market without a buyer in sight as prices declined 14.75 cents/lb to $1.77. Barrels ended unchanged at $1.40/lb with three loads moving from seller to buyer. Whey lost ¾ of a cent with a settlement of $0.4225/lb. Butter dropped 1.75 cents to $1.3625 while nonfat was unchanged at $1.0825/lb following 8 loads exchanging hands.
Class III watched December trade as low as $15.78/cwt during the cheese session on Tuesday. Prices did rebound some but printed a close near $16.25 which would’ve been 50 cents lower for the day. January also finished in the red but to a lesser extent losing 9 cents to $16.67/cwt. The remaining months in 2021 actually ranged from 3-15 cents stronger. Class IV markets failed to escape the loss in butter as the months that traded were all lower.
Grains notched another rung higher on Tuesday. The story was soybean crush as another record was set this year in October. Soybeans rallied 16 cents/bu to $11.70 while soybean meal added $5-6/ton closing in once again on $400/ton meal. Corn traded four cents higher to $4.20 while the wheat complex treaded water but lost 1-5 cents/bu.