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June 23, 2020

Block Cheese Moves Higher While Milk Prices Slip

 |  By: Know Your Market

Despite a higher Cheddar cheese market on the CME spot dairy auction Tuesday, Class III found selling in its market. Barrels traded 3 loads and 4 ¾ cents stronger to $2.37 per lb. Block cheese ran 10 ¾ cents higher to $2.81 per lb. Just a single trade took place. Dry whey moved 5 loads and ¾ of a cent lower to 30 ¾ per lb. Butter suffered a 2-cent loss with just a single load changing hands and ended at $1.81 ¼ per lb. Grade A nonfat dry milk declined a quarter cent to $1.03. 

Class III milk markets fell 19 cents to close around $22 perc wt. August and September fell 50 plus cents while 4th quarter prices weakened 12-30. 2021 prices were mainly unchanged on the day. Class IV markets dropped 5-10 cents in 2020 as well. 

Grain markets struggled on Tuesday following uncertainty from china and U.S. trade talks held last week in Hawaii. Conflicting media reports out of the White House broke corn price 5 cents and soybeans were also down 4 cents. Cattle prices on the other hand rose $1-2 per cwt and feeders were also up $1.50.