November 18, 2019

First Half 2020 Class IV Milk Outpaces Class III

 |  By: Know Your Market

The cheddar spot market was weak once again to kick off this week. Cheddar barrels lost 4.25 cents while blocks fell 2.25 cents per lb. Both markets traded 2 loads with barrels ending at $2.15 ½ per lb. while blocks settled out at $1.86 ¾. Butter traded 3 loads and ¾ of a cent higher to $2.07 ½ per lb. Grade A nonfat dry milk was unchanged at $1.21 ¾. Dry whey moved 5 loads and left 8 unfilled bids in the market settling out at 33 ¼ per lb., up 1 ¼ for the day. 

Class III milk prices were mixed on Monday. November milk added 6 cents to $20.30 per cwt while 2020 prices ranged from a couple cents higher in March to double digit losses in the later parts of the year. At today’s close, first half 2020 average was offering producers $17.32 per cwt while the full year average resided at $17.40 per cwt. Class IV markets traded stronger to begin the week to the tune of 3-13 cents. Class IV first half average is offering producers $17.56 per cwt. 

Grains turned in another round of weakness losing 3.5 cents in corn, 8 cent sin soybeans and wheat was up 4.5 cents in the Chicago market.