Cheese Market Pushes Class III Even Higher
The buyers showed up to our cheese market on Wednesday. Cheddar blocks and barrels saw nice moves higher in our CME Spot trade. Blocks gained 3 ¾ cents with 2 loads trading hands to finish back at $2.00 ¼ per lb. Cheddar barrels gained 2 ¾ cents with 6 loads moving form seller to buyer to finish at $1.62 ½ per lb.
Butter continues to struggle, losing 1 ½ cents with 1 load trading hands to $1.86 ½. Grade A nonfat dry milk gained a quarter of a cent to $1.29 3/4 with 9 loads trading hands and dry whey fell half a cent to $0.35 ¾ cents with 3 loads moving.
Class III milk liked what it saw and rallied across the board. January gained 2 to $17.05, February gained 26 to $17.80, and March gained 19 to $17.95. Second half of 2020 gained 4-16 cents and is averaging at $18.00 even for July – December.
Class IV didn’t fare as well, Jan fell 2 to $16.71, Feb fell 17 to $16.95 and March fell 7 to $17.42.
The day finished with the cold storage report from USDA showing how we finished December of 2019. Butter continues to add to its stocks. December was 5% above November and 6% above December of 2018 with 18.1 Million lbs.
Total Natural Cheese in storage was down 1 % from November and decreased 2% from December of 2018. Cheese stocks ended the year with 1.32 Billion lb. in cold storage.