The Dairy Slide Continues
Friday continues the dairy slide. The CME spot market saw every product finish the weekly average down from Monday except Cheddar barrels. Butter was once again the volume mover, moving 16 loads on Friday and stay unchanged at $1.75 ½, but 4 cents softer during this week’s trading.
Cheddar blocks moved closer to our barrels, losing 3 ¼ cents Friday to $1.76 ¾ on 5 loads trading hands, barrels gained half a penny to $1.59/lb also moving 5 loads. The block/barrel spread narrows to 17 ¾ cents.
Grade A Non Fat Dry milk finished the week ¾ of a cent lower to $1.17/lb with only 1 load trading. A 3 cent slide from where we started on Monday. Dry whey was unchanged with no trades Friday at $0.37/lb with no volume trading all week.
The trend confirmed in Class III milk – February gained 6 to 17.01, but March fell 2 to 16.64, and April fell 16 to 16.56. First half of 2020 sits at 16.83/cwt
Class IV milk saw February slide 11 lower to 16.17, March fell 7 to 15.74, and April fell 24 to 15.74/cwt.
Grain and Feed remain inexpensive. March corn fell 1 ½ to 3.77 even, March soybeans down 2 ¼ to 8.90 ½, and Soybean meal fell $3.70 to 289.20/ton.