February 10, 2019

Milk Markets Lose Their Momentum

 |  By: Know Your Market

The week ended slightly down in Friday’s Class III milk trade. Finishing the week with Feb- June average of $14.82/cwt and second half at $16.25.  Class IV milk end the week with a First half averaging at $16.19/cwt and second half at 16.78/cwt.

Friday’s weekly averages came in mixed for the CME Cash Dairy Products trade. Butter was up a fraction of a penny to finish averaging $2.28 ½ /lb on 18 trades.

Cheddar Blocks were up over 2 ½ cents to average the week at $1.49/lb on 6 trades.

Cheddar Barrels were the biggest mover, gaining 5 cents on 27 trades to average $1.32 ½ / lb.

Powders were slightly lower on the week. Non Fat Dry Milk finished the week down slightly, averaging at $0.99/lb. Dry whey traded 41 loads during the week to finish down a penny from last week’s average to come in at  $0.37 ¼ /lb.

The grain trade was watching closely today as the USDA released a large amount of data that was missing during the government shutdown. The information was mostly built into the market as we saw little movement in the grains.  The day ended on a mixed note with March Soybeans higher to finish at 9.14 ½ and March Corn lower to finish at 3.74 1/8.

May  Soybean meal ended Friday up 60 cents to end the week at $310.10/ton 

For Commodity Risk Management Group this is Jenny Wackershauser on Know your markets.