markets
December 30, 2019

Mixed Spot Trade Nearing The End of 2019

 |  By: Know Your Market

The CME spot trade was mixed Monday as we say goodbye to 2019. The cheese trade saw nice gins with Cheddar blocks up 4 cents to $1.87 per lb. with 3 loads trading hands. Cheddar barrels gained 2 ¼ cents, also moving 3 loads from seller to buyer. Our block/barrel spread widens to 24 ¾ cents. 

Butter fell 3 ½ cents to $2 even per lb. No loads traded, no bids, and 2 offers. Grade A nonfat dry milk fell ¾ of a cent to $1.22 ½ with no loads trading, 6 bids, and 4 offers. Dry whey had our most volume move on Monday but fell 1 cent to $0.30 ½ per lb. with 9 loads trading, 9 bids and 1 offer left. 

As December Class III winds down trading, we saw it fall 5 to $19.30, however the first half of 2020 had nice gains. January up 14 to $17.10, February gained 10 to $17.13, and March up 8 to $17.28. First half of 2020 is averaging at $17.20 per cwt.

Class IV milk however followed butter. December stayed unchanged at $16.72, as was January at $16.98. February fell 8 to $17.23 and March fell 1 to $17.51 per cwt.

Grain markets were mixed as well. March corn fell 1 ¾ cents to $3.88 ¼, January soybeans gained 10 cents to $9.39 ½, with January soybean meal gaining 2.10 to $297.60 per ton.