November 26, 2019

Class III Milk’s Turkey Trot Higher Continues

 |  By: Know Your Market

Class III Milk’s turkey trot higher continued Tuesday. Driven by a positive move in cheese, December gained 28 cents to $19.09, January gained 30 to $18.66, and February gained 31 cents to $18.08. November gained one as we near the end of the month at $20.37 per cwt. 

Class IV milk though unchanged in November at $16.65, December gained 7 to $17.10, and January gained 5 to $17.39 per cwt. 

These moves higher followed the Cheddar market after the CME spot trade. Blocks gained 4 ¾ cents to $1.93 with 2 loads trading, Barrels gained 5 cents to $2.19 ¼ with 1 load trading hands and 1 bid. Our block/barrel average is back to $2.06 per lb. and the block barrel spread sits inverted at 26 ¼ cents.

Butter saw 5 bids and no sales Tuesday to stay unchanged at $2.01. Grade A Nonfat dry milk moves another penny higher to $1.23 with 6 loads moving from seller to buyer, 8 bids and 4 offers. Dry whey gained another quarter of a cent to $0.35 ¼ per lb. but failed to move a load with 4 bids.

Grain markets showed some weakness, December corn fell 3 cents to $3.67 ½, January soybeans fell 8 ¼ to $8.84 ¼, and December soybean meal fell $3.60 to $294.70 per ton.