Excitement In The Cheese Market
Barrel cheese closed the gap between the block and barrels by 5 cents on Thursday. Barrels jumped 4.5 cents to $1.765 following 8 trades and 1 uncovered bid. Blocks also traded 8 loads but fell a half cent to $1.8375 per lb. The block to barrel spread closed the day at 7.25 cents per lb. Butter held the majority of the trading action Thursday, watching 23 loads move from seller to buyer. 11 uncovered bids and 1 offer were left hanging in the market as well. Butter ended a penny lower at $2.41 per lb. Grade A nonfat dry milk gained a half cent to $1.05 per lb. Dry whey lost 1.25 cents to 34.25 cents per lb. following 4 trades and 3 offers.
Class III milk futures markets were mainly higher on Thursday. June lost 5 cents while July added 10 cents and August through December ranged from a penny lower to four higher. Class IV markets were higher as August through December jumped 10-12 cents while 2020 added 6-10 cents in the first half of the year.
Grain prices were softer in corn and soybeans ahead of the USDA’s much anticipated planted acreage and quarterly grain stocks reports that will be released Friday at 11 a.m. central. Corn declined 3.5 cents in the new crop price to $4.51 while soybeans dropped 6 cents to $9.1225 per bu. The wheat complex traded a quarter cent higher in Chicago, a half cent lower in Kansas City and 2 cents stronger in Minneapolis.