Milk Markets Finish Week On A Higher Note
The Class III futures market was able to finish out last week’s trade on a higher note despite mixed trade in the product market. September 2019 through January 2020 gained 5-9 cents per cwt while all other months in 2020 closed a penny higher to one cent lower. Class IV milk was virtually unchanged as just 3 months changed in value. August gained 2 cents while both November and February lost a penny.
Product prices saw butter trade 2 cents higher to $2.34 per lb. on 2 loads moving hands. Cheddar barrels were the most active product on Friday as 11 trades took place and the market ended at $1.765, up a half cent. Blocks declined 1.25 cents to $1.88 per lb. while dry wey closed at 36.5 cents per lb. down a quarter cent. Grade A nonfat dry milk settled unchanged at $1.03 with no trades and 4 uncovered bids and 5 offers. For the week, butter and cheddar barrels were the most active product markets as 36 and 33 loads moved respectively. Compared to the week prior, barrels gained 3.5 cents which was the best showing of any product ending with an average sales price of $1.745 per lb.
Corn prices were finally able to put together a meaningful rally on Friday. Prices jumped 10 cents and closed at $3.81 per bu. for new crop. Soybeans traded 9 cents higher to $8.7975. The wheat complex was up anywhere from 3-5 cents depending on the market.