November 12, 2019

Class III Milk Slips Lower On Tuesday

 |  By: Know Your Market

Class III continues to be at the mercy of CME spot cheese. Tuesday saw blocks pull the market lower. No loads traded but Cheddar blocks fell 7 ½ cents to fall below $2 per lb. at $1.94 per lb. on 1 offer. Cheddar barrels fell a penny and half to $2.31 ½ with no loads trading hands, 1 bid and 1 offer. The block/barrel spread remained inverted at 37 ½ cents and our cheese blend price at $2.12 ¾.

Butter was unchanged at $2.06 ¾ with no loads changing hands. The powder market was stronger in volume trading and prices. Grade A nonfat dry milk gained 1 ¼ cents to $1.21 ¾ with 5 loads, 5 bids and 11 offers. Dry whey gained ¾ of a cent to $0.28 ¾ with 11 loads trading, 19 bids, and 11 offers. 

Class III milk retreated. November moved 10 cents lower to $20.06, December took the brunt of the move falling 47 to $18.72 and 2020 markets saw January - March fall 7-24 cents to average at $17.23 per cwt. 

Class IV milk was more stable – November unchanged at $16.73, December unchanged at $16.91, but April – July of 2020 saw gains of 3-11 cents. 

Grain and feed markets continue their range bound trading, though moving higher. December corn gained 4 ½ to $3.77 ¾, November soybeans gained ¾ of a cent to $9.05 ¾, and December soybean meal gained $1.70 to $302.30 per ton. 

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