November 29, 2018

Class III Futures Mostly Higher on Thursday

 |  By: Know Your Market

The CME spot product market showed both gains and losses on Thursday.  Barrels led the move higher gaining 7 cents during two trades and finished at $1.31 per pound. Butter followed as it rose 2 1/4 cents, settling at $2.22 1/4 per pound.

Blocks were unchanged on the day at $1.36 per pound. Grade A nonfat dry milk was lower as it lost 3/4 of a cent to 90 1/4 cents per pound. Dried whey was in the same boat as it lost 1/4 of a cent to 42 1/2 cents per pound.

Class III markets were mainly higher with most contract months showing gains. 2018 Class III markets lost two cents in November  to $14.47 while December rose 11 cents to $14.17. 2019 Class III markets were green across the board showing gains from 1 to 12 cents depending on the month. The 2019 first half and second half average are now at $15.12 and $16.28, respectively.

The grain markets were quiet on Thursday as December corn lost 1/4 quarter of a cent to $3.60 1/4. In January soybeans fell 3 1/4 cents to $8.87 1/4.

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