Dairy Markets Tumble
Cheese started to shake loose on the spot market with barrels breaking 0.45 cents on a weekly average. In the CME Cash Dairy Product Trade, blocks tumbled $15.50 to $2.3475/lb. on 1 trade. Barrel cheese dropped 17 cents to $2.3175/lb. on 4 trades. Dry whey remains at $.4225/lb. Grade A nonfat milk gained ¾ of a penny to $1.0625/lb. Butter fell ¾ of a penny to $1.43/lb.
Class III futures were hammered lower to end the week. November milk declined 37 to $23.20/cwt. December receded 74 cents to $18.68. January milk settled 28 cents lower to $17.32/cwt. February through December 21 saw prices rise 6 cents to 11 cents lower.
The grain complex stalled after yesterday’s move higher. December corn fell 2.50 cents to $4.0675/bushel. November soybeans settled 3.25 cents lower to $10.9850/bushel. December soybean meal dropped $5.40 to $382.40/ton. December Chicago wheat fell 7.25 cents to $6.02/bushel.
Fats and feeders traded slightly higher to close the week. December live cattle gained 30 cents to $108.65/cwt. November feeder cattle increased 12 cents to $137.70/cwt. December crude oil decreased $1.41 to $37.38/barrel.