On the Chicago Mercantile Exchange milk futures started the week higher supported by continued strength in the cash cheese market. Big volume was once again witnessed in the November 2019 Class III markets with nearly 900 contracts trading. Futures values rose 13 cents to $19.68 per cwt while December strengthened 4 cents to $18.61. First half 2020 added 1-3 cents per cwt and ended at an average of $17.05 per cwt. Class IV traded 16 cents higher in November, up 12 in February, and March grew 5 cents per cwt.
The cheddar block market was able to find a bid in the market Monday following the impressive month long 64 cent rally we’ve watched in the barrel market. Blocks added 2 cents of value on 3 trades moving its price up to $2.1425 per lb. Dry whey down $0.01 at $0.2725. Thirteen trades were made ranging from $0.2725 and $0.2775. Barrels up $0.0025 at $2.2525. Butter up $0.0225 at $2.0825. Nonfat dry milk unchanged at $1.1525.
Grain prices were weak to start out the week as corn lost 2 ¾ cent per bu. in December, wheat dropped 6-9 cents and soybeans traded a half cent higher to $9.20
