2019 Dairy Markets Finish Strong
The dairy complex closed out 2019 in a cheery mood! Cheese values added 4 cents in the blocks as two trades lifted prices to $1.91 per lb. Barrel cheese results were almost twice as good as 11 transactions took place between sellers and buyers. Barrels added 7 ¾ cents and ended at $1.71 per lb. The spread closes the year at 21 cents with premium to the block an average of $1.80 ½ per lb. Butter wasn’t in a partying mood as that market sold off 5 cents and ended at $1.95. Grade A nonfat dry milk added a half cent and settled out at $1.23 per lb. Dry whey traded 9 times and ¾ of a cent higher to 31 ½ per lb.
Class III milk markets finished Tuesday 5-12 cents per cwt stronger in the first half of 2020. The first half average is offering producers $17.34. Second half prices were slightly higher as well. Class IV milk markets watched December add 7 cents and the first half of 2020 drop 10-20 cents per cwt.
Over in the grain complex, the corn market declined a half cent while soybeans added 2-3 cents per bu. November beans sit just a penny away from the recent high established at $9.80 per bu. two months ago. The wheat complex added 3 cents in Chicago, 5 cents in Kansas City, and 4 cents in Minneapolis.
As farmers bid farewell to a very challenging 2019, Commodity Risk Management Group would like to wish everyone a happy and prosperous New Year!