After A Month Of Low Prices, Cheese Finally Finds Support
After a month of consistently lower prices in both the cheddar blocks and barrel market, cheese finally found some support. Block cheese rose 2 and a half cents to $1.60 and a half while barrels were up 2 cents to $1.46 and a half. Good volume was witnessed as well as barrels moved 13 loads and blocks four, respectively. Butter dropped 4 and three-quarter cents to $1.47 and a half with nine loads moving from seller to buyer. Dry whey ended unchanged at 31 cents and nonfat dry milk added a quarter cent to 94 and a quarter cents per lb., 14 loads exchanged hands.
Class III milk futures rose 30 cents in August following the National Dairy Product sales report on a strong basis number in the cash market. Fourth quarter 2020 rose 10-20 cents per cwt. to an average of $16.70 per cwt. First half 2021 struggled, losing 5-10 cents per cwt.
The USDA released their World Agricultural Supply and Demand report on Wednesday, and it ended with the traditional saying of “big crops get bigger.” USDA estimates the corn yield will be 181.8 with 15.278 billion in total production. Soybean yield was printed at 53.3 bushels per acre and total production of 4.425 billion. Now the trade will turn its attention back to storm damage across the “I” states. Corn closed 3 and three-quarter cents higher and soybeans were up 10 cents.