Markets Left Discouraged After Lower Milk Prices
A lower milk market was the result on Wednesday after the barrel cheese market tested support and lines that defined the 2018 market.
Barrels lost a penny following four trades, one bid and four uncovered offers. Barrels closed at $1.20 per lb. which held the cheese market throughout 2018. We did see a load trade at $1.19 and three-quarter cents.
Cheddar blocks were left unchanged at $1.41 and three-quarter cents per lb. Butter moved three loads and a half cent higher to $2.26 and a quarter. Dry whey added 1 and a half cents to 52 and a half cents on six trades while nonfat dry milk lost 1 and a half cent to settle at $1.03.
Class III milk finished even to 11 cents lower. The first half average ended at $15.02 per cwt. and the second half at $16.52 respectively. Class IV milk had little change and even two single digit losses.
The grain complex was able to battle back and recoup a small portion of their losses from Tuesday. Corn gained 2 and a half cents, soybeans were up a penny and the wheat complex added 1 to 2 cents. Fat cattle jumped 87 points in February while deferred months were 25 to 40 higher.