Class III Markets Struggle Under Softer Cheese Trade
Plenty of activity was witnessed in the CME spot dairy auction on Thursday. Dry whey led in volume as 15 loads moved from seller to buyer and prices rose 1.5 cents to 33 ¾ per lb. Barrels also broke double digits in volume as 10 loads exchanged hands with the market settling out at $1.51 ¾, down 6 ¼ for the day. Blocks lost 1 ¾ per lb. to $1.82 ½, 8 trades took place. Butter jumped 4 ¼ cents to $1.91 ½ with 5 loads moving and 3 bids remaining unfilled. Grade A nonfat dry milk added ¾ of a cent and closed at $1.26 ¾ on a single trade.
Class III milk markets struggled on Thursday under the weight of a softer cheese trade. First half 2020 prices ranged from a penny to 10 cents lower. The first half 2020 market is now offering producers $17.18 per cwt while the second half of the year sits at $17.55, respectively. Class IV milk was mainly unchanged.
The grain complex was mixed on Thursday ahead of Friday’s highly anticipated World Agricultural Supply and Demand Estimates and Quarter Stocks Reports. Those reports will be released at 11 a.m. Corn lost a penny on Thursday, soybeans fell 4 cents and the wheat complex was 9 higher in Chicago and Kansas City, and up 4 cents in Minneapolis.