Milk Markets Mixed on Eve of Phase One Deal Signing
The dairy complex saw two big moves in the dairy spot auction Tuesday. Butter jumped 7 cents following 7 loads moving from seller to buyer. Butter ended at $1.94 per lb. Cheddar barrels took on the opposite route falling 6 cents to $1.46 ¾ per lb. Blocks and nonfat dry milk both closed unchanged. Blocks settled out at $1.87 and nonfat was at $1.27 ¼ per lb., respectively. Dry whey added ¾ of a cent to 35 cents per lb., 12 loads moved for the day.
Class III milk futures were mixed but with little change. 2020 months ranged from 4 lower to 5 cents higher. First quarter 2021 also gained 6-26 cents per cwt. Class IV milk saw little change with just 4th quarter 2020 and first quarter 2021 trading.
Grain prices declined a half cent to $4.04 ¼ per lb. Soybeans were even on the day closing out at $9.69 and ½ while bean meal was down $1.50 per ton. The wheat complex was higher in each of the markets. Chicago gained 5 cents, Kansas City added 4, and Minneapolis was up slightly. The market nervously awaits the Phase One deal signing that’s scheduled for Wednesday, January 15th. Stay tuned for more info.