Class III November/December Prices Limit Up
Volatility in Class III milk has been the storyline throughout 2020. Monday was no different as prices increased the limit in November and December. November ended with a price of $21.66 while December closed at $19.48/cwt, respectively. 2021 months joined in as well led by January jumping 49 cents/cwt and the remainder of the year ranging from even to 15 higher. Class IV prices succumbed to minor losses on Monday.
Cheese prices strengthened to kick off the week. Barrels added a nickel as three loads moved from seller to buyer. Barrels settled at $2.2550/lb. Block cheese rose a couple cents to $2.74/lb on a single trade. Butter lost $0.0125/lb with a settlement of $1.4975. Both dry whey and nonfat dry milk were unchanged.
In other ag markets, grains were up once again. Corn values traded three cents stronger to $4.05/bu on the December 2020 board. Soybeans did one penny better with November posting a $10.5425 close. December soybean meal set a new contract high during the day session and finished at $373/ton. The wheat complex was up 1-9 cents/bu.
The livestock sector took the opposite path as live cattle tumbled $3.5/cwt, feeders were down $3-$5/cwt, and hogs declined around $1.