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February 5, 2020

Dairy Markets Slide on Wednesday

 |  By: Know Your Market

Dairy complex continued to slide Wednesday as the CME Spot market traded mostly lower. Grade A nonfat dry milk was the lone product to see green – gaining a penny to $1.22 ½ with 8 loads trading, 4 bids and 11 offers. Dry whey was unchanged at $0.36 ½ per lb. with no loads trading hands. 

Butter slid 2 ½ cents lower with 6 loads trading hands to $1.85 ½ with no bids and 12 offers. Cheddar had both blocks and barrels moving lower on limited volume. Blocks fell 1 ¼ cents to $1.90 ¼ with 1 load trading hands. Barrels fell 1 ½ cents to $1.45 ½ with 2 loads moving from seller to buyer. 

Class III milk saw February fall 14 to $16.89, March fell 24 to $17.06 and April fell 8 to $17.17. Our first half of 2020 sits at $17.06 per cwt. 

Class IV Milk also moved lower throughout 2020 futures. February fell 20 to $16.58, March fell 3 to $16.62, and April fell 9 to $16.75 per cwt. First half of 2020 for class IV sits at $16.85 per cwt. 

Grain markets were mixed with March corn falling 1 ½ cents to $3.80 ¾, March soybeans gained half a cent to $8.80 even, and March soybean meal fell $1.10 to $287.40 per ton.