Milk, Product Prices Push Higher
Dry whey continued its solid week of high-volume trade as 15 loads changed hands between sellers and buyers on Wednesday. Whey closed at 34 cents per lb., down ¾ of a cent on the day. All other product markets were higher. Butter led the way gaining 4.5 cents to $2.1725 per lb. following 3 transactions. Cheddar blocks added a penny to close at $2.00 per lb. even. Barrels moved 2.75 cents per lb. higher to $1.76 on 5 trades. The block to barrel spread now stands at 24 cents per lb. Grade A nonfat dry milk settled at $1.14 per lb., up a penny.
Class III milk prices reacted favorably to the higher product trade as 4th quarter 2019 added 5-8 cents and closed with an average of $18.08 per cwt. First half 2020 prices were also up to the tune of 4-10 cents per cwt and closed Wednesday with an average of $16.83. Class IV markets were mixed ranging from 6 softer to 5 cents higher October 2019 to August 2020.
After filling the gap on Tuesday in the corn market dating back to the August supply and demand report, a round of profit taking was seen on Wednesday. December corn lost 4.75 cents to $3.88 per bu., soybeans were down 5.75 at $9.13 3/4, and the wheat complex dropped 3-9 cents.