October 31, 2019

Tricks and Treats Found In Thursday’s Milk Markets

Top Story  |   |  By: Know Your Market

The milk market Thursday couldn’t decide if it wanted to be a trick or a treat. Though we had another move higher for Cheddar and the CME spot trade, Class III milk couldn’t decide how it wanted to move. November Class III traded as high as $20.37 and as low as $19.85. December saw a 50-cent swing in price during the day. Class III settled with November down 10 to 20.11, December fell 1 to 19.47 and 2020 markets were mixed with January – March settling from down 2 to 3 higher with an average at $17.33 per cwt. 

Class IV milk fell 3 in November to $16.78, but saw gains in forward months. December gained 2 to $16.80, January gained 1 to $16.82 per cwt.

The CME spot trade saw Cheddar barrels move a penny and a half higher – marking the historically highest Barrel price seen in October at $2.28 ¾, however we again had no loads trade, 1 bid and no offers. Cheddar Blocks gained a quarter of a cent to $2.17 ½ with 7 loads moving from seller to buyer. Butter was also a quarter of a cent higher with 18 loads moving hands to $2.08 ¼.

Grade a nonfat dry milk failed to move a load and was unchanged at $1.16 ½ and dry whey only moved 1 load but had 10 bids and 6 offers at $0.27 ¼, up a quarter of a cent. 

Grain and feed markets didn’t react much to the blanket of Halloween snow we saw across the corn belt. December corn fell ¾ of a cent to $3.90 even, November soybeans gained ¾ of a cent to $9.16 ¾, and December soybean meal gained $2.20 to $304.40 per ton.

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