Milk Markets Mixed, While Cheese Stops Sliding Lower
Thursday saw a rebound in the CME spot product trade. Cheddar markets had blocks gaining 5 cents to $1.85 with no loads trading, 4 bids and 1 offer. Barrels saw 7 loads trade and gained a penny following yesterday’s move higher to finish at $1.62 ½ per lb. Our Block/Barrel spread is at 22 ½ cents.
Butter also saw a move higher back to $2.00 per lb. even up a penny with 2 loads trading hands. Grade A nonfat dry milk also gained a penny to $1.25 ¼ with 1 trade. Only dry whey moved lower. Losing a quarter of a cent to $0.31 ¼ per lb. with 10 loads moving and 5 bids, with 1 offer.
Class III milk however had a mixed day. December falling 3 cents to $19.36, January gained 6 to $17.40 and February - June were off 2-7 cents. Our first half is averaging $17.24 per cwt.
Class IV milk responded more positively, though December was unchanged at $16.72, January gained 3 to $17.00, and February gained 8 to $17.25 per cwt.
Grain markets were fairly quiet after some nice gains that last week. March corn fell ½ a cent to $3.86 ½, January soybeans fell 4 cents to $9.24 ½, and January soybean meal fell $4.50 to $298.40 per ton.