July 29, 2020

Butter And Cheddar See Double Digit Moves

 |  By: Know Your Market

Limit moves as both butter and cheddar blocks see double digit moves. The CME spot trade had butter falling 15 ½ cents to 1.55 1/2/lb with a whopping 20 loads trading hands, Cheddar blocks fell 12 cents to 2.32/lb with only 1 trade, however Cheddar barrels held unchanged at$ 2.44/lb. Our block/barrel spread has moved to inverted with barrels 12 cents above blocks.

Grade A Non Fat Dry milk gained a quarter of a cent with 1 trade to $0.99 1/4/lb and Dry Whey was unchanged with no trades at $0.34 1/4/lb. 

Class III milk fell apart. July held at $24.42 as we enter the final days of the month, but Aug moved limit lower to 21.16, September also moved 75 lower to 19.34, and Oct – December fell 19-75 cents lower to average at $16.89/cwt. 

Class IV also moved lower. July holding at 13.65, Aug fell 24 to 13.39, and Sept moved 26 lower to 13.77/cwt. 

Grain and feed continue to slide, corn fell 4 ½ cents to 3.15 ½, November soybeans fell 2 ¼ cents to 8.85 ¼, and soybean meal lost $2 to $286.90/ton.