The Arctic blast across most of the U.S. put some chill in the cheese trade.
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The CME spot trade had cheddar barrels hold unchanged at $1.50 per lb. but Blocks fell 3 ¾ cents to $1.62 ¾. There was nice volume, however, as 4 loads of blocks traded and 9 loads of barrels.

Butter failed to trade a load, but gained ¾ of a cent to $1.28 ¾. Grade A non Fat Dry Milk gained half a penny to 1.13/lb and Dry whey gained half a penny to $0.54/lb.

Class III milk struggled to move higher. February fell 13 cents to $15.48, March fell 23 cents to $16.31, and April fell 36 cents to 1$6.76 per cwt.

Class IV moved higher – February was up 7 cents to $13.34, March gained 10 cents to $13.97, and April gained 16 cents to $14.72 per cwt. The balance of 2021 was up 8-25 cents.

The USDA released the February World Ag Supply and Demand report on Tuesday morning. Overall very little was adjusted from January and after strength early, we ended mixed. Corn fell 7 ¼ cents to $5.56 ¼, Soybeans gained 14 cents to $14.01 ¾, and Soybean meal gained $2.10 to $438.7 per ton

Nominations are open for Fonterra’s board election but a repeat of the drama that rocked the vote three years ago can be ruled out.

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