Dairy markets reacted negatively to offers showing up in the Chicago Mercantile Exchange spot dairy auction on Wednesday, pressured by oversold positions and lower cheese markets. Class III milk prices declined double digits throughout 2020. July led the charge lower, losing 35 cents per cwt. Despite the softer trade July is offering north of $19 per cwt while the full second half sits at $17.50. Class IV markets performed well adding double digits. Second half 2020 Class IV is sitting between $15.50 and $16.00 in that period.
Spot trade saw Dry whey down $0.0050 at $0.3225. Twelve trades were made ranging from $0.3225 to $0.33. Blocks unchanged at $2.54. Four sales were made ranging from $2.53 to $2.5425. Barrels down $0.0575 at $2.3675. Five sales were made at $2.3675 and $2.4125. Butter up $0.03 at $1.9525. Eleven sales were made at $1.95 and $1.95.25. Nonfat dry milk up $0.0275 at $0.9525. Two trades were made at $0.97 and $0.98.
