July 29, 2019

Weak Start For The Milk Markets

 |  By: Know Your Market

A mixed day in the CME spot product market led to a dip in Class III milk Monday. Butter traded 4 loads but fell 2 cents to $2.35 per lb. Cheddar blocks and barrels were much quieter. Both unchanged, Blocks finished at $1.82 ½ per lb. with no loads trading hands and only 1 offer. Barrels finished the day at $1.72 per lb. wit 2 loads trading. 

Grade A nonfat dry milk was our one product to move higher. Gaining half a penny to $1.03 ½ per lb. with 6 loads moving, 7 bids and 5 offers. Dry whey fell 1 ¼ cents to $0.34 even with 1 load trading, 2 bids and 1 offer. 

Class III milk was off a penny in July to $17.47 per cwt, down 5 in Aug to $17.61 and the rest of the second half months were down 3-5 cents and show an average at $17.67 per cwt. 2020 also lost a bit, falling 5-7 cents in Jan- March and averages at $16.81 per cwt.

Class IV milk also was weaker on Monday. July was unchanged at $16.90, August fell 6 to $16.77 and the second half average came in at $17.07 per cwt. 

The grain and feed markets continue their range-bound trade but were up slightly Monday. December Corn gained 2 ½ cents to $4.27 per bu., November soybeans gained 3 ¼ to $9.04 ¼, Dec Chicago wheat gained 4 ¼ to $5.08 ½ and August Soybean meal gained $1.10 to $304.20 per ton.