Milk Markets Mixed While Cheese Jumps Higher
Cheese had large gains on Tuesday, but Class III milk didn’t chase it. In the CME Spot product trade Cheddar blocks gained 3 ¾ cents to break above $1.80/lb. once again. Finishing with 7 loads trading hands and a price at $1.83/lb. Cheddar barrels had more moderate gains at ½ a penny with 5 loads trading to finish at $1.71 ¾ /lb.
Butter however fell 1 ½ cents to $2.36 with only 1 load trading form seller to buyer. Grade A nonfat dry milk gained a quarter of a cent to $1.01/lb. as did dry whey, finishing the day trading 1 load at $0.34 ½ /lb.
Class III milk was mixed. July fell a penny to $17.40, August fell 3 cents to $17.66, but September – November were unchanged and December- February of 2020 actually saw a move 1-5 cents higher. Overall the mixed day gave us a second half average for 2019 at $17.66/cwt and first quarter of 2020 is averaging $16.86.
Class IV milk was unchanged in July to 16.90, fell 6 cents in August to $16.84 and has a second half average at $17.07/cwt.
A mixed day in the grain and feed markets. December corn gained 4 ¾ to 4.31 ½ cents, November Soybeans fell 2 cents to $9.03 per bu., and August soybean meal fell $2 to $306.40/ton.