Milk Markets Flounder Amid Coronavirus Concerns
Milk markets continue to flounder on global questions of the impact of Coronavirus. Limited volumes traded Monday on the CME spot market. Butter was the most active as 37 loads traded and 4 offers remained. Butter moved half a cent higher to $1.90 ½. Cheese was mixed. Cheddar Blocks didn’t see a load trade hands, staying unchanged at $1.92 per lb. Barrels however fell 4 ½ cents to test old lows in the market at $1.45 ½ per lb. with 5 loads trading hands. 1 bid, and 3 offers.
Grade A nonfat dry milk fell a penny to $1.23 per lb. but no loads traded, no bids, and only 2 offers. Dry whey was unchanged at $0.36 ½ per lb. with again no volume trading, and just 3 bids on the table.
Class III milk saw February fall 22 cents to $16.92, March fell 37 cents but holds above $17, at $17.38 per cwt. and April fell 31 cents to $17.26 percwt. First half of 2020 has an average price at $17.16 per cwt. Second half of 2020 sits at $17.50 per cwt.
Class IV milk also slid lower, February down 6 to $16.79, and March fell 15 to $16.75 per cwt.
Grain and feed markets were mixed. March corn moved 2 ½ lower to $3.78 ¾, and March soybeans gained 4 ½ cents to $8.77 even, and March soybean meal fell $1.20 to $289.80 per ton.