Cheese
November 13, 2020

Cheese Values Pushed Sharply Lower

 |  By: Know Your Market

Sellers relentlessly pushed cheese values sharply lower in the CME Cash Dairy Product Trade.  Barrels were hit hardest, falling 29 cents lower on 10 trades to $1.61/lb.  Blocks declined 16.25 cents to $1.9175/lb.  Butter also saw weakness, dropping 3.50 cents on 11 trades to $1.40/lb.  Grade A Nonfat Milk lost one cent to $1.0875/lb.  Dry Whey remained unchanged at $.43/lb.  

 

Class III milk futures crashed lower after the brutal selling pressure in spot cheese today.  November milk fell 24 cents to $23.13/cwt.  December milk was crushed, finishing limit down at $17.71/cwt.  January milk receded 61 cents to $16.95/cwt.  February through June lost 1-33 cents while second half 2021 finished slightly higher.  Class IV milk futures saw December trade 15 cents lower to $13.50/cwt.  

 

The grain complex rebounded slightly after yesterday’s losses.  December corn added 2.25 cents to $4.1050/bushel.  January soybeans climbed 2.50 cents to $11.48/bushel.  December soybean meal settled even at $388.10/ton.  December Chicago Wheat increased 5.25 cents to $5.9350/bushel.  

 

Fats and feeder futures experienced modest losses.  December live cattle settled $2.05 lower to $109.92/cwt.  January feeder cattle pulled back $2.85 to $137.87/cwt.  December crude oil also decreased 90 cents to $40.22/barrel.