Dairy Markets Continue To Rally In 2020
Friday CME spot market ended the week on a high note. Only butter disappointed, with the other 4 moving higher. The weekly average for the CME saw everything except barrels moving above last week’s levels. Class III milk reflects these slow gains.
January gained 2 to $17.01 even, February gained 13 to 17.43 and March gained 4 to 17.62/cwt. Our first half average has climbed back to 17.44/cwt.
Class IV milk saw gains as well – January lost 1 to 16.77, February gained 8 to 17.12, March gained 8 to 17.53 First half Class IV average is at 17.57/cwt.
Butter saw 2 loads trade on Friday to fall 1 ¾ cents to $1.88/lb. Cheddar Blocks gained 2 ¼ cents with 2 loads trading to 1.96 ¼ /lb, Barrels gained 3 cents to $1.56/lb to gain back all of the value lost on Tuesday. Though barrel’s average moved 6.5 cents below last week.
Dry Whey finished the week trading a total of 34 loads and gained half a penny Friday to $0.36 3/4/lb. The weekly average came in a little over 3 cents higher than last week. Grade A Non Fat Dry Milk moved 2 loads Friday gaining half a cent to $1.29/lb. Its weekly average gained nearly 2 ½ cents from last week.
Grain markets got a bit of whiplash after Thursday’s drop, we bounced back on Friday. March corn gained 13 ¾ cents to $3.89 ¼, March soybeans gained 5 ¾ to 9.29 ¾, and Soybean meal was unchanged at just 60 cents above $300/ton.