Milk Futures Mixed as Producers Sell To Manage Uncertainty
The CME spot dairy trade saw nice gains on light trading Friday. As overall commodity markets saw volatility after huge moves Thursday, dairy had mixed reactions.
Cheese led the charge higher – Cheddar blocks gained 6 ¼ to $1.87 ¼ - a two day gain for blocks of 11 ¼ cents. Barrels gained a penny to $1.50 per lb. Pushing our block barrel spread back out to 37 ¼ cents.
Grade A nonfat saw the most action Friday with 13 loads trading hand and gained a quarter of a cent to $1.05 ¼. Dry Whey remained unchanged at $0.34 ¾ with no loads trading, 1 bid and 2 offers. Butter also held unchanged at $1.81 ¼ with no loads trading, 2 bids and 2 offers.
Class III milk was mixed as producers sold milk in forward months to manage uncertainty in the markets. March gaining 4 cents to $16.34, April was unchanged at $15.90, and May fell 6 to $15.78. June – Dec moved 1-14 cents lower.
Class IV milk was mixed. March held unchanged at $15.11, April gained 3 to $14.75, and May fell 4 to $14.75 per cwt. The balance of 2020 was mostly unchanged.
Corn gained a penny to $3.70 ¾, soybeans fell 8 ¼ cents to $8.46 ¾, soybean meal fell $2.70 to $295.90 per ton.