THE LAND — FEBRUARY 7/FEBRUARY 14, 2020
www.thelandonline.com — “Where Farm and Family Meet”
PAGE 13
Coronavirus has traders apprehensive, prices dip This column was written for the marpowder was down 5.2 percent and anhyketing week ending Feb. 7. drous milkfat was down 4.5 percent, after falling 2.6 percent last time. Skim The U.S. Department of Agriculture milk powder was down 4.2 percent after announced the first Federal order Class inching up 0.7 percent. III benchmark milk price of 2020 at $17.05 per hundredweight. This is down Gains were led by rennet casein and $2.32 from December, but $3.09 above GDT cheddar — both up 6 percent after January 2019 and the highest January the cheddar was up 0.6 percent higher Class III price since 2014. last time. Butter inched 0.2 percent highMIELKE MARKET er, following a 5.5 percent jump in the Feb. 7 Class III futures portended a WEEKLY last event. February price of $17.07; March, $17.35; By Lee Mielke April, $17.44; May, $17.37; and June at FC Stone equated the GDT 80 percent $17.48. The peak was $17.80 in butterfat butter price to $1.8841 per September. pound U.S., up fractionally from the last event. Chicago Mercantile The January Class IV price is Exchange butter closed Feb. 7 at $1.8325. GDT $16.65, down a nickel from December but $1.17 cheddar cheese equated to $1.9513 per pound, up above a year ago and the highest January Class IV 11.5 cents, and compares to Feb. 7’s CME block price since 2014. cheddar at $1.93. GDT skim milk powder averaged Powder and butterfat values pulled the third $1.3186 per pound and compares to $1.3770 last Global Dairy Trade auction of 2020 down, reversing time. Whole milk powder averaged $1.3786, down the previous two upticks as apprehensive traders from $1.4663. CME Grade A nonfat dry milk closed await the continuing fallout of the coronavirus outFeb. 7 at $1.25 per pound. break. The weighted average of products offered fell n 4.7 percent, following the 1.7 percent rise on Jan. 21 and 2.8 percent on Jan. 7. Speaking of the global market, the USDA’s latest Whole milk powder led the declines, down 6.2 per- data shows December dairy exports topped year ago cent, after it gained 2.4 percent Jan. 21. Buttermilk levels for the fourth consecutive month. Nonfat dry
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milk and skim milk powder were up 37.4 percent in December from a year ago, though year-to-date exports were off 1.7 percent from 2018. Whole milk powder exports were up 156.9 percent from a year ago while year-to-date exports were down 15.6 percent. Dry whey was down 6.3 percent in December with year-to-date down 30.4 percent, much of that due to the drop in purchases from China, due to African swine fever. HighGround Dairy says nonfat dry milk exports were the second strongest for the calendar year in December, but recorded losses to Mexico (the number-one U.S. export destination) for the third consecutive month. There was growth in exports to Indonesia and Vietnam and exports to Egypt were the highest since April 2013, says HighGround Dairy. South American demand also helped boost U.S. sales. “The whole milk powder figure sticks out,” says HighGround Dairy, as the United States shipped the strongest December volumes since 2002 — driven by demand from Colombia and Saudi Arabia (an all-time high for the Saudis) as product has become tight from New Zealand. Volumes to Mexico were at a multi-year high. See MIELKE, pg. 14
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