Milk Prices Continue to Dive
Product and milk pricing across the board felt pressure on Tuesday. Butter lost 5 ¾ cents and settled out at $1.6525 per lb., no trades took place. Cheddar blocks declined 2.5 cents with $1.79 as the ending price. Barrels fell a penny to $1.44 per lb. on a single load traded. Grade A Nonfat dry milk was down a quarter cent to 99.75 cents per lb. with 2 loads moving from seller to buyer. Dry whey ended unchanged on the day at 33 cents per lb.
Class III milk prices suffered 18-22 cent losses in the 2nd quarter to end up at $15.33 cents per cwt. Second half 2020 prices dropped 2-13 cents as well. Class IV markets took it on the chin even harder as months fell 30-55 cents per cwt April through September.
Over in the grain space, corn added 1 ½ cents, beans dropped 5, and the wheat complex was up 18 cents in Chicago, Kansas City 10 higher, and Minneapolis was 2 stronger. The cattle space lost a buck in the deferred months on fats, feeders and hogs.