Benchmark milk price loses $4.77

Published 2020년 9월 9일

Tridge summary

The USDA announced a decrease in the August Class III milk benchmark price to $19.77 per hundredweight, despite being higher than the previous year. The Class IV price, however, hit its lowest since 2009 at $12.53. Meanwhile, cheese prices saw an increase, with CME block Cheddar surpassing $2 per pound. Despite this, butter market tones are struggling to find bullish notes due to heavy butter stocks and the volatility in the western market. Meanwhile, milk production figures show a mixed performance across the leading states, with year-to-date production showing slight increases overall.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Agriculture Department announced the August Federal order Class III benchmark milk price at $19.77 per hundredweight, down $4.77 from July but still $2.17 above August 2019 and the highest August Class III since 2014. The 2020 Class III average sits at $17.61, up from $15.83 a year ago and $14.44 in 2018. Friday’s Class III futures settlements portended a September price at $17.06; October, $18.89; November, $17.55; and December at $16.65. The August Class IV price is $12.53, down $1.23 from July, $4.21 below a year ago and the lowest August Class IV since 2009. Its 2020 average is at $13.62, down from $16.19 a year ago and $13.85 in 2018. Cheese higher CME block Cheddar topped $2 per pound ahead of last week’s Dairy Products report and the Labor Day weekend and closed Friday at $2.1250, up 29.75 cents on the week, highest since July 31, and 12.75 cents above a year ago. The barrels finished at $1.70, 27 cents higher on the week but 4.25 cents below a year ago; 17 cars of ...

Source: eDairyNews