January 24, 2018

Dairy Markets Grind Lower

 |  By: Know Your Market

Cheddar blocks were the big mover on Wednesday. Unfortunately, the direction was lower. Blocks fell 6.5 cents to $1.495 after 5 trades took place. Barrels traded four loads and a half cent lower to $1.36 per pound. Butter added a half cent to $2.12 per pound without any trades and Grade A nonfat dry milk closed unchanged at 71 ¾ cents per pound after 8 trades.

Class III milk markets fell in most months. February through May dropped 8-10 cents. June, September and November added 1-2 cents, while July, August and December fell 3-6 cents per cwt. October closed unchanged at $15.78 per cwt. Class IV milk fell 2 cents in January, 12 in March and a penny in April.

Grain markets have finally awoke from their slumber. Corn futures added 5 cents on Tuesday to raise December 2018 corn prices to $3.895 per bushel. Soybeans gained 5-6 cents while soybean meal added $2.50 per ton. Chicago wheat also gained 10-11 cents on Tuesday.