Milk Markets Pull It Together Thursday
The barrel cheese market continued to get destroyed on Thursday as another 10 ¼ cents came out of the market following 7 loads moving from seller to buyer. Cheddar barrels ended the day at $1.76 per lb. Through the first four sessions of trade this week, barrels have now dropped 46 ¾ cents per lb. Block cheese saw softness as well on Thursday losing 5 ¼ cents with 4 uncovered offers left hanging. Blocks closed at $1.85 ¾ which now leaves the spread on cheese at 9 ¾ with premium to the block market.
Butter added a half cent of value and ended at $1.95 ½ per lb. Grade A nonfat dry milk was also up a half cent. Dry whey declined a penny to 34 ¼ per lb. after 7 trades took place.
Despite cheese and whey selling off on Thursday, Class III milk prices put together a solid performance. December added 6 cents while first half 2020 ranged from 2-11 cents higher. Class IV made modest gains as well out into the first half of the year.
Over the grain markets, corn gained back the 6 cents that it lost yesterday following solid export data being released. Soybeans tagged along trading 4.5 cents stronger, and wheat jumped 11-12 cents in Chicago and Kansas City.