Milk Markets Steamrolled Yet Again
The milk market was once again steamrolled to begin this week and the barrel cheese market was the leader. Barrels sold off another 8.5 cents to $1.61 per lb. Since last Monday, barrels have now dropped 64 ¾ cents per lb. Cheddar blocks lost 2 ¾ cents per lb. on Monday and settled at $1.77 per lb. With today’s move in blocks, we’ve now lost 16 ¼ cents per lb. in a week. The block cheese market now holds a premium of 16 cents per lb.
Butter traded 5 loads and 2 cents higher to close at $1.98 per lb. Grade A nonfat dry milk was unchanged at $1.265 with zero trade moving. Dry whey moved 8 loads from seller to buyer and fell 2.5 cents to 31 ¼ per lb.
Class III futures markets lost 68 cents in January, 42 cents in February and 24 cents in March. April and beyond in 2020 fell 3-13 cents as well. Class IV milk softened 1-12 cents per cwt in the first part of 2020.
Grain markets all traded higher to begin this week off of positive trade news. Corn added 7 cents, soybeans were up 14.5 cents and the wheat complex traded 11-19 cents per bu.