markets
September 19, 2019

Dairy Markets Can’t Decide Which Way To Move

 |  By: Know Your Market

Thursday was a mixed day in the dairy markets. The CME spot product trade continued to correct downward as cheese sellers came to the market. Cheddar blocks fell 7 ¼ cents to $2.04 ½ with 1 load trading, Cheddar barrels fell 12 cents to $1.66 ½ with 8 loads trading. Butter gave up ¾ of a cent to $2.10 ¼ with only 3 loads moving. 

Grade A nonfat dry milk gained a quarter of a cent to $1.07 ¾ with 3 loads trading, and dry whey held unchanged at $0.39 ¾ per lb.

Nearby Class III milk responded with October falling 25 cents to $18.48, but forward months saw gains through all of 2020. November gained 4 cents to $18.12, December 16 cents to $17.47 and January - March of 2020 gained 8-15 cents to average at $16.65 per cwt.

Class IV was quieter. September was unchanged at $16.33, October gained 3 cents to $16.29, and November gained 2 cents to $16.47 per cwt. 

Grains and feed were quiet. December corn was 1 ¼ cents higher to $3.72 ¾, November soybeans gained 4 ½ to $8.93 even, and October soybean meal gained 60 cents to $292.20 per ton.

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