Markets Continue Bearish Ride
The block-barrel spread continued to widen as cheese continued to fall on Thursday. The block-barrel spread now expands to 8 cents, blocks over barrels. Continuing the widening that began on Tuesday, the block cheese market fell ¼ cent to $1.69 ¾ as barrel cheese fell 3 ¾ cents to $1.61 ¾.
Butter rose 1 ¾ cents to a final price of $2.62 ¾. Grade A nonfat dry milk finished unchanged at 84 ½ cents.
Volume was light on Thursday’s trade as only 3 loads were traded among all 4 products on Thursday.
The lackluster trade in the spot session produced equal results in the Class III market where prices finished 6 cents lower as an average from now through the end of the year at a final price of $16.54 per cwt.
The Class IV market traded very little, as normal, and in the end the average price finished unchanged from Wednesday at $16.51 per cwt.
The corn market closed higher, but just barely, by just a half cent at $3.56 ¼ per bushel after three successive down days and entering into new contract lows in Wednesday’s trade.
The ProFarm tour will publish their Iowa and Minnesota findings on Thursday evening with final results for the entire tour to be posted on Friday.