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December 16, 2019

Milk Markets Steamrolled Yet Again

 |  By: Know Your Market

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.