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.
Add Comment