Cheese Price Sees A Jump
August 24, 2020
Cheese jumps higher in a quiet dairy trade. The CME spot product trade saw Cheddar blocks climb 8 cents to 1.73/lb with no loads moving. Barrels gained 3 cents to 1.36/lb with 5 loads moving from seller to buyer. Butter moved 9 loads to continue its good volume trade on the CME, holding unchanged at $1.51 ½ /lb
Grade a Non Fat Dry milk fell a quarter of a cent to $0.99 1/2/lb with 2 loads moving. Dry whey fell half a penny to $0.33/lb even also moving 2 loads.
Class III milk quietly followed cheese. Aug gained 1 to 19.61, September gained 67 tp 15.80, and Oct gained 58 to 16.91/cwt. Balance of 2020 and 2021 markets saw gains of 5-47 cents.
Class IV milk failed to follow along. Aug fell 5 cents to 12.80, Sept fell10 to 13.16 and Oct was unchaged at 13.89/cwt.
Feed and Grain markets moved higher with Dec corn up 4 ½ cents to 3.45 even, November soybeans gained a penny to 9.05 ¾, and Soybeanmeal fell 1.10 to $289.10/ton.
The USDA released the July cold Storage information. Butter inventories came in at 373 Million lbs, up 10 Million lbs since June compared with the 5 year average of a 3 million lb drop. Total cheese stocks came in at 1.393 billion lbs, up 32 million lbs from July 2019.