Milk Markets Finished the Week Higher
March 20, 2020
Most of the ag industry closed this week in positive territory. Class III markets jumped in on the action as prices increased 4-25 cents April through December 2020. Class IV markets were also 15-22 higher as well.
Product markets led the move as butter jumped 5.5 cents to $1.755 per lb., 5 trades took place. Cheddar barrels gained 4.25 cents to $1.43 on a single trade while blocks softened 2.5 cents to $1.83 ¾. Grade A nonfat dry milk gained 2.5 cents on 16 loads trading. Dry whey finished unchanged at 33 cents per lb.
In the broader ag space, corn fell 1.5 cents while beans jumped 16-19. Soybean meal increased $10 per ton as well. The wheat complex traded 1-4 cents higher. Fat cattle added back 1-3 dollars per cwt., feeders were up 3-5, and hogs closed mixed.
The USDA released its February milk production report on Thursday with cow numbers 22,000 higher after accounting for adjustments the previous report. Milk production gained 1.7% year over year when accounting for the leap year adjusted estimate. Total production ended up at 17.865 billion lbs.