Dairy Markets and Stock Market Go in Opposite Direction
The biggest mover on Monday was the Stock Market. The Dow index dropped 1800 points at its lowest level, the single largest daily move since the financial crisis of 2008. However, that negative sentiment was not shared by the dairy markets.
Buyers of cheese came looking for blocks, bidding the price 5 1/2 cents higher to $1.51 3/4. Barrels followed suit, with 5 loads moving from seller to buyer raising the price 4 cents to finish at $1.36 1/2. That leaves the spread between the two at 15 1/4 cents.
Grade A nonfat dry milk took the same direction, rising 1 1/2 cents to 73 3/4 cents. Butter turned the other way, falling 3 1/2 cents to $2.08 after five loads moved. That brings the current market to within 1 3/4 cents of the low established last April.
Following the best day in cheese since mid-January, the Class III market gave the move little respect. The average price from now through June rose only 3 cents to $13.97 per cwt. The Class IV markets showed sporadic activity, and its average for the period rose 3 cents as well to $13.65.