June 8, 2020
A new week, and we see a similar story. Though markets are quieter, the block continues to climb higher. The CME spot trade had Cheddar blocks moving 1 load and gained 3 ¼ cents to $2.58 ½ /lb., Cheddar barrels were unchanged, moving 2 loads at $2.36/lb. Butter held unchanged with no trades at $1.92 ½ /lb.
Dry powders lost some ground. Grade A nonfat dry milk fell 1 ¾ cents to $0.96/lb. on 2 loads trading hands and dry whey fell a penny to $0.33 ½ /lb. with 5 loads moving from seller to buyer.
Class III moved higher. June gained 26 to $20.14, July gained 27 to $18.94, and August gained 9 to $17.47. Fall milk was quieter gaining 1-13 in September – December.
Class IV milk was mixed. June gained 17 to $14.08, Jul fell 10 to $15.10, and August fell 21 cents to $15.17/cwt.
Grain and feed markets were mixed with corn gaining 2 ½ cents to $3.33 ¾, soybeans fell 3 cents to $8.64 ¾, with soybean meal down 70 cents to $288.40/ton.
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