Milk Markets Slide Into The New Year
January 2, 2020
The dairy markets celebrated 2020 by giving back gains from Tuesday. January Class III milk fell 20 cents to $17.06, February fell 30 to $17.08, and March fell 18 to $17.25. June forward was mostly unchanged. We have a first half average at $17.24 per cwt.
Class IV milk however saw nice gains to start 2020. January gained 13 to $16.92, February gained 16 to $17.09, and March gained 15 cents to $17.34 per cwt. May – August saw some slight moves lower, however. First half for class IV milk is averaging at $17.40 per cwt.
This followed a CME spot trade that saw all 5 products trade unchanged to lower. Butter was unchanged at $1.95 per lb., with no trades, 1 bid and no offers. Cheddar Blocks only moved ¾ of a cent lower to $1.90 ¼ with 1 trade and 3 offers left, Barrels however, fell 5 ¾ to $1.64 ¼ with 2 loads trading hands.
Grade A nonfat dry milk fell a quarter of a cent to $1.22 ¾ with 1 trade, 4 bids and 2 offers. Dry whey saw the most loads trade but stayed unchanged at $0.31 ¼ cents seeing 10 loads move from seller to buyer, 14 bids and only 1 offer left.
Feed and Grain markets saw nice gains to start the new year. March corn gained 3 ¾ to $3.91 ½, January soybeans gained 1 ¼ to $9.44 ¼, and January soybean meal gained $0.70 to once again move above the $300 mark to $300.60 per ton.