Cheese Shreds The Markets
Cheddar led the charge in Thursdays CME spot product trade. Barrels gained 5 cents as it tries to catch up to Blocks which gained 1 ½ cents. Blocks finished at $1.80/lb and Barrels at $1.60 ¼ llb. Levels we have not seen since late 2016 into 2017. Butter was unchanged with 11 loads trading at $2.39 1/4/lb.
Dry Whey also gained half a penny to $0.36 3/4/lb and Grade A Non Fat Dry milk was unchanged at $1.05 1/2/lb.
Class III milk followed cheese. June was our only outlier, falling 1 cent to $16.31, July gained 15 cents to $17.21, and our July – December average moved higher finishing at $17.21. We also saw more movement in our 2020 market. Jan-March gained 6-13 cents and finished with a first quarter average at $16.42/cwt.
Class IV milk was unchanged nearby, but gained 5-6 cents in the remainder of 2019 months. June finished at $16.80/cwt, July at $17.21 and a second half average at 17.50/cwt.
Feed costs continue their rise. July corn gained 12 cents to $4.42 , Soybeans gained 10 to 8.88 even, and July SBM gained $2.20 to $321.70/ton.
For Commodity Risk Management Group, this is Jenny Wackershauser on know your markets.