June 11, 2020

Class III Sell Off Following Lackluster Cheese Trade

 |  By: Know Your Market

Class III milk sells off as we see a lackluster cheese trade. The CME spot trade saw Blocks hold unchanged at $2.54/lb. but saw not trades, no bids and no offers. Barrels also failed to trade a load and fell a penny to $2.35 ¾ with no bids and 1 offer. Butter however, fell 5 ¼ cents on 9 trades to $1.90/lb. with 1 bid and 9 offers left. 

Powder saw Grade A nonfat dry milk as our main positive mover, gained 2 cents to $1 even per lb. with 7 loads trading, 9 bids and 4 offers. Dry whey fell a quarter of a penny to $0.32/lb. with 15 loads trading hands, 5 bids and no offers. 

Class III milk had June gaining 10 cents to $20.45, but the bulk of the futures curve fell. July fell 45 to $18.91, August fell 42 to $17.40, and September fell 44 cents to $16.94/cwt. 

Class IV milk saw June give up 44 cents to $13.50, July gained a penny to $15.55, and August fell 7 to $15.78/cwt. 

Feed and Grain markets were quiet after a quiet USDA Supply and Demand report. Corn gained 3 ½ to $3.29 ¾, soybeans gained half a cent to $8.66 even, and soybean meal gained 90 cents to $289.70/ton.