Cheddar Takes A Snoozer
The CME spot cheddar markets have been the story of the dairy market for about two and a half months now. On Tuesday, cheddar decided to take a snooze as no trades took place and blocks ended at $1.83 and three-quarters while barrels closed at $2.15 per lb. respectively.
Blocks are currently trading at a discount to barrels of 31 and one quarter cents per lb. Butter lost 1 and three-quarter cents per lb. following three loads moving from seller to buyer and closed at $2.04 and three-quarter cents per lb.
Grade A nonfat dry milk fell a penny to $1.22 and a half cents following a single trade but had 13 uncovered offers. Dry whey traded once and 1 and a quarter cent stronger to 34 and a half cents per lb.
Class III milk futures were mixed on Tuesday. November added 2 cents to $20.34 per cwt while December added 5 cents to $18.44 per cwt. First half 2020 traded even to 4 cents higher while second half prices closed even to 2 cents lower.
Class IV markets were slightly lower on Tuesday. First half 2020 fell 1-12 cents and closed with an overage of $17.70 per cwt. Grain prices felt weakness once again. Corn declined 3 and a quarter cent to $3.66 and three-quarters, soybeans dropped 6 and a half cents to $9.05 even and the wheat complex ranged from three and a half cents higher in Chicago to 3 cents lower in Minneapolis.