June 16, 2020

Milk Markets Move Higher Tuesday

 |  By: Know Your Market

The Class III milk market on Tuesday continued its upward trade after Monday’s limit higher move. June milk added 4 cents while 3rd quarter was up 10-14 cents and Q4 gained a few cents. Second quarter 2020 settled the day near $17.42 per cwt. Class IV was up nearly double digits also. 

CME spot dairy auction closed as a mixed bag. Butter lost 2.5 cents per lb. to $1.82 ¼ following 9 loads moving from seller to buyer. Cheddar blocks closed unchanged at $2.50 per lb. Barrels added a half cent to $2.325 per lb. Both blocks and barrels traded two loads on Tuesday. Grade A nonfat dry milk ended unchanged at $1.01 ¼ per lb. Dry whey traded once and a penny stronger to 31.5 cents per lb. 

Event 262 of Global Dairy Trade closed Tuesday with the overall index 1.9% higher. Butter was the lone product lower declining 1% to $1.59 per lb. Cheddar added 1.4% to $1.64 ½. Skim milk powder closed 3.1% higher and whole milk powder was up 2.2% as well.