Cheese Values Continue to Push Higher
January 7, 2021
Cheese values continued their ascent higher on Thursday following Monday’s announcement of the extension to a fifth round of the food box program. Block cheese rose 11.25 cents/lb on bids to a closing price of $1.8975/lb. Barrels traded 13 loads and ended with a settlement price of $1.6525/lb. Butter was not able to follow suit as its price fell 4.5 cents/lb to $1.39. Non-fat dry milk added a half cent as five loads moved from seller to buyer. Whey prices were bid in the green by 1.5 cents to a closing price of $0.50/lb. This whey settlement represents the highest spot price we’ve witnessed since January 18th, 2019.
Class III values mainly finished with green ink on the screens but beneath their highs by a measurable amount. January and February strengthened double digits while remaining months closed between 5 higher and 10 lower. February is the contract to watch as prices printed a high and low of $19.88 and $18.75/cwt, respectively. Class IV months were also up around double digits.
Grain prices took a small breather and step back on Thursday. Corn lost a penny while soybeans dropped 6 cents and the wheat complex declined 2-6 cents/bu.