Cheddar Blocks Rally, Milk Markets Mixed
Cheddar blocks near $2 per lb. Thursday, hitting a price we have not seen since the Summer and Fall of 2014. We closed out the CME spot product trade at $1.98 ¾ for blocks and barrels were unchanged at $1.73 ¼. Bringing the block/barrel spread to 25 ½ cents.
Cheese’s strength was offset by butter again falling 3 cents to $2.18 per lb. with 13 loads moving. Grade A nonfat dry milk gained a quarter of a cent to $1.04 ¾ with nice volume of 12 loads trading hands. Dry whey gained half a penny to $0.39 ½ per lb.
Class III milk was mixed. 2019 saw positives, while 2020 was softer. September gained 11 cents to $17.90, October gained 6 to $17.63. The fourth quarter of 2019 is averaging at $17.32 per cwt. January – March of 2020 fell 5-11 cents with an average at $16.31 per cwt.
Class IV milk was much softer following butter. September fell 6 cents to $16.30, October fell 17 cents to $16.37, and November fell 16 cents to $16.46 per cwt. Fourth quarter 2019 Class IV milk averages at $16.45 per cwt.
Grain and feed markets were mixed. December corn gained a quarter of a cent to $3.58 ¾, November soybeans fell 14 cents to $8.61 ½, and September soybean meal followed finishing $3.50 lower to $288.70 per ton.