October 12, 2020

Cheese And Class III Surge Higher

 |  By: Know Your Market

Monday had all our CME spot products jump higher on light volumes. Butter gained a quarter of a cent to $1.41 ½ with 6 trades, 6 bids and no offers left. Cheddar Blocks gained 4 ½ cents to $2.69 ¼ with no loads trading hands, 1 bid and no offers. Barrels gained 5 ½ cents to 2.11/lb with 1 trade, 2 bids and no offers. 

Grade A Non Fat dry milk gained half a penny to $1.13/lb with 1 load moving 4 bids and 2 offers and Dry whey held unchanged at $0.39 1/2 /lb with no loads moving, 1 bid and no offers. 

Class III milk surged higher along with Cheese – October gained 26 cents to 21.17, November gained 75 cents to 20.48 and December gained 22 to 18.15. 2021 was more mixed, moving 3 lower to 2 higher. 

Class IV milk failed to trade outside of November that gained 5 to 13.93. October held at 13.45, and December at 14.13/cwt. 

The grain complex followed up a  surge higher Friday with a correction back on Monday. Corn fell 6 to 3.89, Chicago wheat actually moved half a penny higher to 5.94 ¼, Soybeans dropped 31 ¾ cents to 10.33 ¾, and soybean meal gave back $6.40 to 356.70/ton.