Class III Sees Double Digit Gains
Support in cheese on Thursday led to double digit gains in the CME Class III milk markets. Barrel cheese traded 3 and a half cents higher to $2.18 and a half cents following a single uncovered bid. Block cheese moved four lads from seller to buyer and a half cent higher to $1.84 and a quarter cent per lb. Butter settled at $2.04 per lb. after three loads exchanged hands, down three-quarters of a cent for the day.
Grade A nonfat dry milk closed unchanged at $1.22 and a half cent per lb. Dry whey added a penny following three trades and seven uncovered bids to end at 35 and a half cents per lb. C
Class III milk markets gained 3 cents in November and 27 cents in December 2019. First quarter 2020 traded 14-29 cents stronger while the second quarter ranged from even to 10 cents higher. Second half 2020 prices declined 1-4 cents per cwt.
Class IV markets watched December fall 4 cents, March declined 3 cents while June traded 5 cents higher. The USDA’s cold storage report will be released Friday.
Over in the grains, corn added 1 and three-quarter cents per bu., soybeans lost 4 cents and wheat dropped 4-6 cents per bu. Crude oil continued its higher run this week adding $1.30 on Thursday and closing at $58.39 per barrel.