Class IV Struggles To Find Volume
The CME spot trade ended the week trading lower but nice volumes. Butter traded 43 loads on the CME this week and finished down 2 cents to 1.44 ¾ /lb. Cheddar Blocks gave back 3 ¾ cents with 3 loads trading Friday to 1.82 ¾ and barrels traded 6 loads to move a penny lower to 1.43/lb. In total 41 loads of cheese traded between blocks and barrels this week.
Grade A non Fat dry milk and Dry whey both gained half a penny. 6 loads of Non fat traded to gain to 1.02/lb, and Whey moved 2 loads to $0.34/lb
Class III milk moved against the cheese market, gaining value deep into 2021. August was unchanged at 19.76, Sept gained 22 at 15.69, and Oct gained 29 cents to 17.64/cwt.
Class IV continues to struggle finding volume. Aug fell 4 to 12.73, Sept fell 14 to 12.96, and October fell 7 cents to 13.87/cwt.
The protein run continues in the feed and grain markets. Soybeans drove the markets this week as dryness prevailed during August. November Soybeans finished the week up 8 ½ cents to 9.50 ½. Soybeans have not closed above 9.50 since August od 2018. Corn gained ¾ of a cent to 3.59 ¼. Soybean meal jumped back above $300 gaining $6.70 $301.60/ton.