November 16, 2020

Cheddar Barrels Plummet

 |  By: Know Your Market

Cheddar barrels plummeted 21 cents in sell off Monday. The CME spot trade had Barrels moving 6 loads but fell 21 cents to $1.40/lb. This is just 10 cents off the lows we saw in August trading. Blocks however failed to move a load and held unchanged at $1.91 ¾. That widens the Block/barrel spread back to 51 ¾ cents. 

Butter saw 3 loads trade hands and fell 2 cents to $1.38/lb, Grade A non Fat dry milk fell half a penny with 12 trades to $1.08 ¼. Dry whey held unchanged at $0.43/lb with no trades. 

December Class III continued to consolidate with 2021 values on the sell off of barrels. November fell 12 cents to 23.01, but December fell just short of a dollar – at 97 cents lower to $16.74, January fell 20 to $16.76. The balance of 2021 is hanging around the 16.50 neighborhood. 

Class IV milk fell slightly. November down 9 to 13.34, December down 5 to 13.45, and Jan fell 5 to 13.79/cwt.

The grain complex saw small gains. Corn up 5 ¾ to 4.16 ¼, Soybeans gained 5 ½ to 11.53 ½, and Soybean meal gained $1.20 to $389.30/ton.

This is Jenny Wackershauser at on know your markets.