March 18, 2020
Butter drives the dairy markets lower. As all markets continue to struggle through unknown economic situations, dairy took a hit on Wednesday. Butter fell 7 cents to $1.67 – trading at levels similar to 2015. Cheddar blocks held at $1.87 ¼ with no loads trading no bids and 2 loads offered. Cheddar Barrels fell 6 ¾ cents to $1.43 ¼.
Grade A nonfat dry milk fell 4 cents lower to $0.96 ½ per lb. with 7 loads trading. Moving back below $1 per lb. Dry whey fell half a cent to $0.32 per lb. on 2 loads trading.
Class III milk fell sharply across the calendar. March fell 1 to $16.32, April fell 32 to $15.67 and May fell 41 cents to $15.06. Second half months fell as many as 49 cents with the average at $15.82 per cwt.
Class IV dove even lower seeing limit moves in several months. March fell 15 to $14.89, April fell 58 to $13.52, and May fell 75 to $13.13 per cwt. Second half months moved 52-75 cents lower to average $14.30 per cwt.
Grain was mixed – corn falling 8 ¾ cents to $3.35 ¼, soybeans gained 1 ¼ to $8.25 ½, and soybean meal moved $5.70 higher to $304 per ton.
milkbusiness.com
