November 8, 2019

November Class III Finishes Volatile Week Above $20

 |  By: Know Your Market

Friday marked the end of a volatile week in the dairy markets. With barrels showing up into the CME spot market Thursday, they disappeared just as fast on Friday. Cheddar Blocks continued to move lower, losing 5 ½ cents to $2.01 ½ but only 1 load traded hands. Barrels were unchanged with only 1 bid to hold at $2.33 per lb. Butter was unchanged at $2.03 ¾ with no loads trading, no bids, and no offers.

Grade A nonfat dry milk was unchanged with 4 loads trading at $1.20 ½, and dry whey continued moving a nice volume of 15 loads, but fell ¾ of a cent to $0.27 ¾ per lb.

The feed and grain markets had a World Supply and Demand Estimates (WASDE) report that gave us some adjustments to yield for corn. Lowering average yield from 168.4 in October to 167 bu. per acre. Acres remain the same and demand was reduced, but ending stocks were lowered to 1.910 Bl bu. Soybeans were basically unchanged in their yield, harvested acres, and demand.  

December Corn finished the day 2 cents higher to $3.77 ½, November soybeans fell 5 ½ to 9.19 ½, and December soybean meal fell 70 cents to $304.90 per ton.

Class III milk rebounded off of Thursdays tumble to finish with a 20 in front of November again. Up 7cents to $20.02, we saw December gain 3 to $19.09, and January – March of 2020 gained 4-5 cents back to average at $17.29 per cwt.

Class IV milk was quieter, November fell 1 to $16.74, December also fell 1 cent to $16.81 and January fell 5 to $17.10 per cwt.