Milk Markets Mixed While CME Moves Lower
Wednesday saw the CME spot trade move mostly lower, however Class III and IV only had mixed reactions. Butter fell a penny to $1.87 with 2 loads moving, 4 bids, and no offers. Cheddar blocks fell 3 ¾ cents to $1.84 ¼ with 8 loads trading and 3 offers left, barrels fell 6 ¼ to $1.58 with 8 loads trading hands and 3 bids left. The block/barrel spread sits at 26 ¼ cents.
Grade A nonfat dry milk was our sole product to move higher – gaining half a cent to $1.26 with 2 loads trading, 3 bids and 6 offers. Dry whey continues to be the volume leader with 10 loads trading hands, but fell a quarter of a cent lower to $0.32 ¼ per lb.
Class III milk fell 10 cents in January to $17.00 even, February also moved 10 lower to $17.09 and March fell 7 to $17.34, the balance of 2020 was even to a couple cents higher. Our first half average sits at $17.25 per cwt.
Class IV milk fell 1 in January to $16.79, fell 8 in February to $16.95 and march moved 9 lower to $17.27. June – December was unchanged and our first half average for Class IV milk sits at $17.41 per cwt.
Grain markets were mixed ahead of Friday’s January USDA supply and demand report. March corn fell a quarter of a cent to $3.84 ¼, January soybeans gained 3 ¼ to $9.38 ¼, and January soybean meal gained 50 cents to $296.90 per ton.