May 27, 2020

Block Cheddar Surges Over $2 on Wednesday

 |  By: Know Your Market

A shortage of Block Cheddar offers sends blocks surging back over $2! Today’s CME spot trade was mixed with cheese continuing it’s climb. Cheddar blocks gained 8 ½ cents but failed to move a load. In fact, we have not seen a load trade all week. Pushing our price back to $2.04 ¾. Cheddar barrels gained 1 ½ cents to $1.92 ½ with 12 loads trading hands.

Butter lost a quarter of a cent to $1.57 ¾ with 2 trades, Grade A nonfat dry milk was unchanged at $1.02 ½ and dry whey fell 2 cents to $0.32/lb.

Class III milk saw the front month lead the charge higher with June touching $17.98 during mid-day trading. May finished 4 higher at $12.23, June gained 41 to $17.93, and July gained 29 cents to $17.15/cwt. The balance of 2020 was mixed trading 9 lower to 9 higher.

Class IV was unchanged in May to $10.71, June also unchanged at $13.20 and July fell 2 to $14.20/cwt. The balance of 2020 was 3-9 lower.

Grain markets continue to be quiet. Corn gained 1 ½ cents to $3.20 ½, Soybeans gained 1 ½ to $8.48 ½, and soybean meal fell $1.90 to $282.00/ton.