Cheddar the Lone Survivor in Today’s Dairy Markets

Cheddar was the sole product settling in the green today, up 1.3% for Global Dairy Trade 288. Prices are around $1.82/lb equivalent compared to US Block cheese prices which ended the day at $1.5850/lb. Skim Milk Power settled 5.2% lower. Prices are churning around $1.35/lb whereas US Grade A Nonfat Milk settled at $1.23/lb.

Class III milk futures moved lower with barrel cheese down 6.50 cents to $1.38/lb. July milk lost 3 to $16.66/cwt. The rest of the year saw larger decreases, dropping 18-42 cents. Class IV milk futures also bled 3-25 cents lower on the heels of Nonfat Milk moving lower.

The grain market proved volatile once again. After starting out the morning strong, the market dipped lower mid morning, and then recovered into the close. December corn gained 13.50 cents to $5.6575/bushel. November soybeans added 15.75 cents to $13.8850/bushel. August soybean meal settled $5.70 higher to $365.50/ton.

Fats and feeders closed lower on the day. August live cattle lost 47 cents to $119.77/cwt. August feeds declined $1.85 to $155.52/cwt. August crude oil made up a small portion of yesterday’s losses, and sits at $67.32/barrel.