Cheese and Whey Give Markets A Jumpstart
Dairy markets traded much higher on Thursday following advances in cheese and whey price. Dry Whey led product markets as it jumped 2 cents off bids to 47 cents per lb. Cheddar blocks added 1 and ¼ cents to $1.65 after 2 trades. Barrels gained a penny to $1.57 and ½ cents.
Butter lost ¼ cent to $2.24 and ¾ cents per lb. on 5 loads moving hands. Grade A nonfat dry milk declined 1 and ¼ cents to 86 and ¼ cents per lb. Class III milk futures bounced 22-30 cents per cwt. higher on Thursday September through December. The average on the last 4 months now stands at $16.16 per cwt.
First quarter 2019 traded 17-19 cents higher while the 2ndhalf of 2019 ascended 1-5 cents as well. The 1sthalf of 2019 closed Thursday at $15.93 per cwt. while the full year is at $16.15 per cwt. Class IV markets had small volume and finished mainly unchanged.
The fund community hit the grain markets hard again as corn dropped 5 and ¾ cents to $3.61 per bu., just 28 cents from the low put in place on July 16th. Soybean meal fell 6-7 dollars per ton also to $315 per ton. Wheat was down 2-4 cents in all markets.