Cheese Markets Run Out of Steam
After setting record high block prices, we have started to see the spot market run out of steam. After eight weeks of higher closes week over week, this week saw the first week over week lower price. Cheddar blocks fell 2 cents to $2.52/lb. Barrels descended 2.50 cents to $2.3325. Butter finished 2 cents lower $1.87/lb. Grade A nonfat milk added half a penny to $1.0050/lb. Dry whey crept ¾ of a cent lower to $0.3125/lb.
Class III milk futures finished lower to end the week. June fell 3 cents to $20.42/cwt. July milk declined 36 cents to $18.55/cwt. August spiraled 39 cents lower to $17.01/cwt. Second half 2020 finished 7-39 cents lower, with an average of $16.84/cwt.
Class IV milk futures descended as well. June milk finished 23 cents lower to $13.35/cwt. July and August saw no trades take place, settling at $15.55 and $15.78/cwt. The second half average now sits at $15.86/cwt.
The grain complex showed mixed futures today. July corn added a mere quarter cent to $3.30/bushel. December corn lost ¾ of a cent to $3.43/bushel. Spot soybeans added 5.25 cents to $8.7125/bushel. November soybeans increased 3 cents to $8.7975. July soybean meal declined 70 cents to $289.00/ton. September Chicago Wheat gained 2 cents to $5.0775/bushel. June fat cattle lost 75 cents to $96.07/cwt. August feeders finished $1.07 lower to $131.10. July crude oil improved 6 cents to $36.40.