900 Traded November Contracts Move Class III Higher
The cheddar block market was able to find a bid in the market Monday following the impressive month long 64 cent rally we’ve watched in the barrel market. Blocks added 2 cents of value on 3 trades moving its price up to $2.1425 per lb. Barrels inched a quarter cent higher to $2.2525 on a single uncovered bid. The barrel market holds an 11 cents premium to blocks at today’s close. Butter ended 2.25 cents stronger at $2.08 ¼ on a single bid. Grade A nonfat dry milk was unchanged at $1.15 ¼ per lb. Dry whey declined a penny Monday to 27.25 per lb. 13 loads moved from seller to buyer while 8 uncovered bids were left unfilled in the market.
Big volume was once again witnessed in the November 2019 Class III markets with nearly 900 contracts trading. Futures values rose 13 cents to $19.68 per cwt while December strengthened 4 cents to $18.61. First half 2020 added 1-3 cents per cwt and ended at an average of $17.05 per cwt. Class IV traded 16 cents higher in November, up 12 in February, and March grew 5 cents per cwt.
Grain prices were weak to start out the week as corn lost 2 ¾ cent per bu. in December, wheat dropped 6-9 cents and soybeans traded a half cent higher to $9.20