November 6, 2020

Dairy Markets Tumble

 |  By: Know Your Market

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.