Market News

How far will dairy markets slide?

Cash cheese and butter dropped again on the Chicago Mercantile Exchange on Monday.  Barrels fell 7.5 cents, blocks lost a nickel and butter dropped 9 cents.  Class III futures responded accordingly with October down 30 cents, November fell the 75-cent daily limit and December dropped 72 cents.

The September all milk price increased 90 cents from August to average $25 per hundredweight.  The Crop Index declined 3.3 percent on lower prices for corn, soybeans and hay.  As a result, the September milk-to-feed ratio is 2.9 compared to 2.61 in August and 1.88 a year ago.  In other words: 1 pound of whole milk could buy 2.9 pounds of 16 percent mixed dairy feed.

 

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