July 24, 2020

Volatility The Word Of The Week

 |  By: Know Your Market

A sell off in August Class III Friday to end a volatile week. The Spot CME product trade was mixed. Butter found 3 trades and gained 2 ¼ cents to $1.73/lb and Cheddar Barrels remain unchanged on 3 trades at 2.45/lb. Cheddar blocks, however fell 4 ½ cents to $2.54/lb. Narrowing our block barrel spread to 9 cents and keeping our Cheese average price at 2.49 1/2/lb.

Dry powders were quiet. Only one load of Grade A non Fat dry milk traded and price fell a quarter of a cent to $0.99/lb. Dry whey failed to move a load and was unchanged at $0.34/lb. 

Class III had July fall 1 to 24.41, Aug fell 75 to 21.75, and Sept fell 71 to 20.15/cwt. Oct – Dec is averaging at 17.60/cwt.

Class IV was quiet in 2020 trade, July fell 1 to 13.65, Aug unchanged at 13.76, and September was unchanged at 14.15/cwt

Grain markets were very quiet this week. Corn finished down 1 ¾ cents to 3.26 ¼, Soybeans fell 1 ¼ to 9.04 ¾, and Soybean meal gained $0.40 to 290.80/ton.