Milk Markets A Mixed Bag
The dairy markets on Friday closed off this week’s trade in a mixed fashion. In the product market, butter added a penny to $2.37 on two uncovered bids lift in the market. Cheddar blocks weakened a half cent on a single trade to $1.82 and a half per lb. Barrel cheese was unchanged despite three loads moving from seller to butter at $1.72 per lb.
Grade A Nonfat dry milk was also unchanged ending at $1.03 per lb. Dry whey fell a quarter cent to 35 and a quarter cents. Nonfat dry milk led the product market in volume this week moving 25 loads. Cheddar blocks had the best week gaining 4 and three-quarter cents while butter had the worst week losing 5 and a quarte cents compared to last week.
Class III milk markets ended in a range of 7 cents higher to 9 cents lower between the months of July 2019 to June 2020. The second half of 2019 ended Friday with an average of $17.69 per cwt. while the first half of 2020 is offering $16.89. Class IV had limited change as August dropped 6 cents and September was down 4 cents respectively. The corn market continued to see additional long liquidation of positions on Friday as the market declined 3-4 cents. The new crop price ended the week at $4.24 and a half cents. Soybeans added a penny and settled at $9.01 per bu. Wheat ranged from 1 and a half cents higher in Minneapolis to 5 and a half cents lower in Kansas City.