Block Cheese Reaches for Historical Highs
The cheese rally on the CME spot dairy auction raged on once again Monday. Block cheese rose 17 cents/lb. in the end closing at $2.40 per b. Just one trade took place on blocks which was at $2.40 per lb. Historically speaking, we are now pressing up against block cheese highs established back in 2014. The all-time high is $2.45 per lb. Barrels performed well also gaining 7 ¾ cents per lb. and ended at $2.10. While barrels are also testing the upper echelon of typical trade we aren’t yet closing in on historical records there yet. One barrel moved from seller to buyer on Monday.
Butter failed to follow up with any sort of excitement as a bid left the market a half cent in the green with the ending price at $1.665. Whey lost a quarter cent and nonfat fell a half cent, respectively. Milk markets continue to have mixed feelings toward product trade.
June milk traded 40 cents higher and topped out at $19.16 per cwt. Remaining months in 2020 ranged from 26 higher to 15 lower. The 2nd half 2020 Class III average sits near $16.80/cwt. Class IV put together a modest gain as well.