October 24, 2019

Class III Milk Markets Follow Cheddar Higher

Top Story  |   |  By: Know Your Market

Thursday’s dairy market again centers on fresh Cheddar. The CME spot trade saw Barrels bid 9 ½ cents higher to $2.20 per lb., however no loads traded. Cheddar blocks gained 1 ½ cents to $2.12 ½ with 5 loads moving from seller to buyer. The inverted block/barrel spread is at -7.5 cents. 

Butter moved 1 load Thursday and fell a quarter of a cent at $2.05 ¾, with Grade A nonfat dry milk also fall a quarter of a cent with no loads moving to $1.16 ¼. Dry whey continues to move heavy volumes with 25 loads changing hands to settle a quarter of a cent higher to $0.29 ¼ per lb.

Class III milk had trouble believing the cheddar prices the last couple days, but followed cheese higher on Thursday. October gained 2 cents to $18.67, November gained 36 to $19.37, and December gained $17 to $18.48. 2020 markets were more mixed – January – March were 1-8 higher , but April forward were 1-3 cents softer. 

We saw less action in Class IV milk. October was unchanged at $16.41, November fell a penny to $16.62, and November gained a penny to $16.53

The harvest lull has hit the grain and feed markets. December corn was off a penny to $3.86 ¾, November soybeans fell half a cent to 9.33 ¼, and December soybean meal fell $3 to $305.60 per ton.

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