Cheddar blocks officially traded at $2.00 per lb. on Monday, pushing Class III milk in September to $18.07 per cwt. The CME spot product trade saw 6 loads of Cheddar blocks trade and prices finish at $2.00 per lb. up a quarter of a cent. Cheddar barrels chased it higher, gaining 5 ¾ cent to $1.80 per lb. and giving us a Cheddar average at $1.90 per lb.
Butter saw 13 loads moved and the price gain a quarter of a cent to $2.17 ½. Dairy powders were softer. Grade A nonfat dry milk fell ¾ of a cent to $1.04 even, and dry whey fell a penny and a half to $0.38 per lb. Both saw only 1 load trade.
Class III milk surged higher nearby, but 2020 markets were not as excited. September hit $18.07, up 11 cents, October was a biggest mover, gaining 21 cents to $17.93 per cwt. Nearing the late July peak at $18.05. November gained 11 to $17.47 per cwt. January – March of 2020 saw gains of 4-8 cents to finish with an average of $16.31 per cwt.
Class IV milk was a different story. September fell 6 cents to $16.20, October was unchanged at $16.25, and November fell 16 cents to $16.24 per cwt. January – March of 2020 was unchanged to down a penny. Averaging at $16.70 per cwt.
Grain and feed markets continue to be flat. December corn fell 1 ¼ to $3.54 ¼, November soybeans were unchanged at $8.57 ¾, and September soybean meal gained $1.30 to $288.50 per ton.