Class III Milk Weakens Significantly
Product and Class III milk markets closed out this week with it’s weakest finish in quite some time. Cheddar blocks fell 4 and a half cents to $1.78 and a half on three trades and three uncovered offers. Barrels lost 2 and three-quarter cents on nine transactions to $1.74 per lb. Barrels led the product market this week in volume as 34 loads moved from seller to buyer.
Grade A nonfat dry milk declined a quarter cent at 32 and a quarter per lb. Butter added a quarter cent to $2.41 and a quarter on a single trade. Class III milk markets followed the cheese market Friday and fell 14-21 cents per cwt.
The second half settled at $17.48 per cwt. 2020 saw weakness as well as January was down 12 cents and February through May lost 3-8 cents per cwt. Class IV milk in 2019 ranged from 4 cents lower to 2 cents higher.
The grain market picked up right where it left off after Thursday’s USDA report. Corn jumped 11 and a quarter cents to a settlement of $4.59 and a quarter per bu. Soybeans added 14 ce ts and ended at $9.31 and a half cents. The wheat complex added 2 cents in Chicago, 5 and a half cents in Kansas City and 1 and three-quarter in Minneapolis. The livestock sector was mixed. Fat cattle were up 60 cents per cwt., feeders down 75 cents and hogs added $1 and a half dollars per cwt.