Milk Markets Slide Lower To End The Week
On our last day of trading for the week, we saw mostly a slide lower. The CME spot trade saw Cheddar Barrels fall to $1.00/lb a fall of 6 ½ cents and a price we haven’t touched since January of 2009. Cheddar blocks fell 7 ¼ cents to $1.05 ½ /lb. but no loads traded, no bids, and only 1 offer. Butter also fell 5 ¼ cents to $1.24 ¾/lb. with 13 loads trading hands, 3 bids and 2 offers.
Dry powders continue to be more stable. Dry whey gained a penny to $0.35/lb. with 1 trade, 5 bids, and 1 offer. Grade A Nonfat dry milk fell ¾ of a cent to $0.89 ¾ /lb. with 6 loads moving, 1 bid and 16 offers.
Class III milk was mostly lower. April fell 22 to $13.56, May fell 40 to $11.43, and June fell 44 to $12.82. Second half of 2020 was mixed with Aug unchanged and November gaining 2 the second half averages at $15.61/cwt
Class IV milk saw April gain 16 to $11.57, May fell 12 to $11.41, and June fall 27 cents to $11.82/cwt.
The April Supply and Demand report was released by the USDA on Thursday and saw corn finish the week up 1 ¾ cents to 3.31 ¾, soybeans gained 9 to 8.63 ½, and soybean meal fell 30 cents to $292.50/ton.
All of us at Commodity Risk Management group wish you a safe a blessed Easter as markets are closed for Good Friday.