February 25, 2020

Coronavirus Continues To Be Main Market Buster

 |  By: Know Your Market

The CME spot Dairy Market saw limited volume for the second day. Only 3 total loads traded across the 5 products for the week so far. Corona Virus continues to be our main market driver with lack of fresh spot market information. 

Cheddar barrels traded one of those loads – holding unchanged at 1.59/lb. Grade A Nonfat Dry milk moved 2 loads today but fell 3 ½ cents to $1.10 ½ /lb. The remaining products were softer with no volume trading. Butter fell ¾ of a cent to $1.73, Cheddar blocks had the same result falling to $1.76/lb and Dry whey fell 1 ¾ cents to $0.32 1/4/lb.

Class III milk continued its slide lower outside of Feb that gained 2 cents to 17.03, March fell 9 to 16.53, and April fell 8 to 16..39/cwt.

Class IV milk saw double digits move lower though February held unchanged at 16.17. March was down 17 to 15.38, and April fell 24 cents to 15.28/cwt. 

Grain and Feed saw a bounce off after Monday’s sell off. March corn gain a quarter of a cent to 3.72 ½, soybeans gained 4 ¾ to 8.79 even and soybeanmeal gained 40 cents to $286.50/ton.