Class III Milk Jumps To End The Week
Spot block and barrel cheese traded opposite of each other with blocks adding 1.5 cents/lb while barrels lost 3.5 cents/lb. Fourteen loads moved in barrels and three traded on blocks on Friday. Butter and nonfat transactions were plentiful as well as thirteen and nineteen loads moved, respectively. Butter lost a quarter cent and nonfat was unchanged at $1.04/lb. Whey rose a penny to $0.355/lb.
Class III milk jumped despite a non-supportive spot cheese session. October closed 61 cents higher at $19.24/cwt. November increased 45 cents and December was up 26. The first part of 2021 was up slightly as well. Class IV declined 5-10 cents in many 2020 months.
Grain prices continue to see strength in the corn and soybean markets. Corn added 3.5 cents/bu and settled at $3.685/bu while soybeans grew 18.5 cents/bu to $9.96/bu. The lifetime contract high for soybeans is $10.06/bu. The wheat complex weakened 2-6 cents.
USDA released their World Agricultural Supply and Demand Estimates report on Friday. USDA lowered corn yield by 3.3 bushels/acre with ending stocks lowered to 2.5 billion bushels after adjusting for the changes on the balance sheet. Soybean yield was reduced by 1.4 bushels/acre and ending stocks by 150 million to 460 million.