Cheddar Sparks High Velocity Trade
Cheddar barrels continued its high velocity trade as 11 cents were added to its price which closed at $1.40 per lb. Six trades took place along with 6 uncovered bids and 3 offers. Cheddar blocks also traded 6 times as it gained a penny to $1.53 per lb. Butter dropped 6 and ½ cents led by 5 open offers and settled at $2/22 and ½ cents per lb. Grade A nonfat dry milk finished unchanged at 79 and ¾ cents while dry whey lost a penny following two trades and closed at 41 cents per lb.
Class III milk futures traded a penny higher in July, 20-3o cents higher between August and November, and up 12 cents in December. The August through December 2018 average finished at $15.80 per cwt. First half 2019 jumped 5-15 cents and closed with an average price of $15.75 cents per cwt. Class IV milk saw just August trade as it fell 5 cents to $14.55 per cwt.
Grain market results on Tuesday included the corn market trading 5 cents lower to $3.66 per bushel. Wheat markets finished with Chicago down 3 cents, Kansas City 1-2 cents softer and Minneapolis losing 6-7 cents. Soybeans bucked the trend as they traded 10 cents higher to $8.73 and ¼ cents. Soybean meal added $1 per ton in 2018.