November 4, 2019

$20 Milk Holding Steady

 |  By: Know Your Market

As we move into November, we saw a mixed market in the CME spot trade Monday. Butter fell 1 ¾ cents to $2.06 ¼ with 4 loads moving, 1 bid and 5 offers. Though Cheddar Blocks and Barrels continue to move higher, Blocks gained half a cent to $2.16 with 5 loads trading and Barrels finally saw 1 load trade hands Monday and gained 1 ½ cents to $2.34. The inverted block/barrel spread has barrels 18 cents higher and our cheddar average at $2.25/lb.

Grade A non Fat Dry Milk gained ¾ of a cent to $1.19/lb with 3 loads moving 4 bids and 3 offers. Dry Whey continues its nice volume with 14 loads moving, falling a quarter of a cent to $0.28/lb. 

Class III milk continued to be indecisive. November was unchanged at $20.19 with a 17 cent range during trading. December also unchanged at $19.70, and January gained a penny to $18.12, with February falling 3 to $17.21/cwt. 

Class IV milk saw small gains though November was unchanged at 16.78, December gained 6 to $16.86 and January gained 2 cents to $16.92.

Grain and feed markets continue their rangebound moves as harvest slogs along. December corn fell 6 cents to $3.83 ¼, November Soybeans gained 1 ¼ to $9.25 ¾, and December Soybean meal fell $1.50 to $302.40/ton.