First Half 2020 Class IV Settles Higher Than Class III
In the latest version of the United States and China trade saga, China’s minister of commerce came out overnight saying that he hoped a phased agreement as soon as possible. No indication was given when additional talks would be held or the amount of future Chinese purchases however. The grain market reacted in a favorable manner all day as corn closed 3 cents higher at $3.94 3/4, soybeans added 3 ½, and wheat was up 12 cents in Chicago.
CME spot product trade on Thursday watched cheddar prices soften. Cheddar blocks lost 3 ¾ cents following two trades to $2.00 ¼ per lb. Barrels fell 2 cents to $2 per lb. on a single unfilled offer. Butter traded twice and gained a quarter to $2.14 ½ per lb. Grade A nonfat dry milk was also up a quarter cent to $1.17. Dry whey continued its struggles falling another 1 ¼ cents to 29 ¼ per lb. with 8 loads moving from seller to buyer.
Class III milk prices watched November mild decline 12 cents to a $18.50 settlement while December through July settled 4 lower, to 2 cents higher. First half 2020 is offering producers $17 per cwt at the close. Class IV markets fared better, ending even to 8 cents higher out through June 2020. The first half 2020 average is offering producer $17.32 per cwt for Class IV.