Dairy Markets Thankful For High Prices To Start Thanksgiving Week
In kicking off turkey week, the dairy markets continued their march higher especially in the first half of 2020. Priced gained 2 to 8 cents and closed with an average of $17.61 per cwt. Class IV markets made modest gains as well adding 1-8 cents over the first half of its trade. The first half Class IV average is currently sitting at $17.74 per cwt.
The erratic spot cheddar spread that we’ve experienced this entire year tightened a bit on Monday. Cheddar blocks traded four loads and 4 cents higher to $1.88 and a quarter cent per lb. Cheddar blocks lost 4 and a quarter cent and ended up at $2.14 and a quarter cent following a single trade. The spread between barrels and blocks is now trading at 26 cents with premium to the barrel market. Butter dropped a penny and a half to $2.01 per lb. following eight loads moving from seller to buyer.
Grade A nonfat dry milk closed unchanged at $1.22 per lb. following with six uncovered bids and 10 offers left hanging in the market. Dry whey gained a quarter cent on a single trade and closed at 35 cents per lb.
The grain complex experienced strength in the wheat market as Chicago jumped 15 cents, Kansas City was up 12 cents and Minneapolis added 6 cents. Corn followed along gaining 2 cents while soybeans fell 4 and a half cents.