The Grinch That Stole The Cheese Market
The Grinch arrived to the CME spot Cheese trade Thursday following a market closure for Christmas. Cheddar blocks fell 3 ¼ cents with 3 loads trading at $1.80 per lb. Cheddar barrels gave up 8 ¼ cents to $1.63 per lb. with 4 loads trading. The block/barrel spread sits at 17 cents and our block/barrel average at $1.71 ½.
Butter gained ¼ cent and was our lone ingredient to trade in the green. Butter didn’t move any loads but finished at $2.03 per lb. Grade A nonfat dry milk fell half a cent to $1.23 ¾ with no loads trading, and dry whey fell 1 ¼ cents to $0.30 ¾ per lb. with 10 loads trading hands.
Class III milk continued to slide with December down 1 to $19.35, January fell 35 cents to $16.96, and February fell 29 to $17.03 per cwt. First half of 2020 is averaging at $17.14 per cwt.
Class IV milk was mostly unchanged. December held at $16.72, January fell 12 to $16.98 and February held at $17.31 per cwt.
Grain markets followed a very strong wheat trade with Chicago gained 8 cents to $5.49 and Kansas City up 10 to $4.70 ½. March corn was a penny higher at $3.88 ½, January soybeans gained 1 ¼ to $9.37 ¾, and January soybean meal fell $2.30 to $299.50 per ton.