Dairy prices drop again

September 29, 2008 07:00 PM

The fallout from the financial crisis on Wall Street continued to batter cheese markets yesterday, with blocks of cheddar dropping 12.75¢/lb and barrels down 14¢. Blocks closed at $1.8050/lb. and barrels finished at $1.77/lb.

Fourth quarter Class III futures dropped another 30¢/cwt today, following a 60¢/cwt freefall yesterday. The 2009 Class III futures dropped an average of 20¢/cwt today as well.

Feed prices also declined. December corn dropped another 47¢/bu today to $4.87. And soybeans dropped 49¢/bu to $10.45.

Scott Stewart, a market analyst and president of Stewart-Peterson, West Bend, Wis., told Dairy Today yesterday that corn could drop another 50¢ to 60¢/bu in the coming days. It might not stay there very long, but in these emotionally-driven markets, they could be brief periods of opportunity to lock in better prices, he says.
Back to news



Spell Check

No comments have been posted to this News Article

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by QTInfo.com
Brought to you by Beyer