October 7, 2019

Milk Markets Move Higher On Monday Cheese Trade

 |  By: Know Your Market

Dairy markets continue to be mixed. The CME spot market saw big moves in both directions as butter gave up 5 ¾ cents to fall to $2.12 ¾ on only 1 load trading, but Cheddar barrels gained 4 cents to $1.83 with 6 loads moving from seller to buyer. Cheddar blocks dropped a quarter of a cent to $1.99 with 4 loads moving and the block/barrel spread narrows to 16 cents.

Dairy powders continued the trend with Grade A nonfat dry milk gaining half a cent on 1 load trading to $1.15 per lb. and dry whey fell a penny to $0.31 ¾ per lb. with 14 loads trading hands.

Class III milk moved with Cheese, October gained 17 cents to $18.48, November gained 17 to $18.21, and December gained 16 to $17.53. 2020 markets saw January - March gain 1-6 cents to average at $16.70 per cwt.

Class IV milk followed butter, October fell a penny to $16.44, November fell 10 to $16.67, and December fell 10 to $16.73. 2020 markets saw January - March fell 15-16 cents to average at $16.95 per cwt. 

Mixed markets were also the story in grain and feed. December corn gained 2 ¼ to $3.87, November soybeans fell a penny to $9.15 ¼, and October soybean meal fell $1.40 to $297.40 per ton.