Spot Product Trade Saw Big Moves Wednesday
Big volumes led to big moves in the CME spot product trade Wednesday. Butter again saw 17 loads move but fell another 2 ½ cents to $2.18 ½. Falling 25 cents since our peak on July 16th. Cheese however saw nice gains. Cheddar Blocks gained 4 cents to $1.92 per lb. with 4 loads trading, Cheddar barrels gained 2 cents to $1.70 per lb. with 12 loads moving.
Grade A nonfat dry milk also gained half a cent to $1.04 ¼ with 6 loads trading. Dry whey was unchanged at $0.39 per lb. but no loads traded with 2 bids and 1 offer.
Class III milk had nice gains nearby. August was unchanged at $17.60 as it nears the end of the contract month. September gained 9 cents to $17.56, and October gained 11 cents to $17.64. The second half average is now at $17.45 per cwt. 2020 markets though were mixed from a penny down to a penny higher. Jan – March average is at $16.38 per cwt.
Class IV milk saw gains as well August gained 4 cents to $16.70, September gained 6 cents to $16.26, and October gained 5 to $16.48.
Feed and grain prices saw some slight gains on quiet trading. December corn gained a quarter of a cent to $3.71 ¼, November soybeans gained 2 ¾ to $8.68 ½, and September soybean meal lost $2 to close at $292 per ton.