June 20, 2019

Milk Markets Make Double Digit Gains Thursday

 |  By: Know Your Market

The milk market on Thursday had futures contracts higher across the board in Class III up double digits in certain months. June added a penny to $16.29 while July traded 16 cents higher and August was up 15. September through December moved 6-10 cents higher and first half 2020 added 205 cents per cwt. Class IV milk results were mixed. June through October ranged from 3 lower to 6 higher. 

Cheese trade led markets higher on Thursday. Cheddar barrels added 3 cents of value to a price of $1.72 per lb. 7 loads moved from seller to buyer. Cheddar blocks gained 2.25 cents to $1.8225 on 3 trades. With today’s trade it marks the first time since February 2017 that block cheese has traded north of $1.80 per lb. Butter traded once Thursday and 1.25 cents higher to $2.3875. Grade A nonfat dry milk lost a half cent to $1.04 per lb. and dry whey was unchanged at 34.25. 

Grain markets rebound Thursday after a brief 2 day drop. Corn added 9 cents of value back to its price closing at $4.50 per bu. in July and $4.61 in December. Soybeans jumped 12.25 cents to a new crop price of $9.41 per bu. Bean meal added $6 a ton. The wheat complex was mixed with Chicago gaining 5 cents, Kansas City up 2-3, and Minneapolis was down 3.