markets
November 2, 2020

Class III Trades Mostly Lower

 |  By: Know Your Market

Block cheese lost ¼ of a penny to $2.78/lb on 1 trade in the CME Cash Dairy Product Trade.  Barrels remain unchanged at a historical price of $2.53/lb.  Butter gained 2 cents to $1.41/lb on 10 trades.  Grade A Nonfat Milk fell 1.25 cents to $1.0950/lb.  Dry Whey gained 1 penny, piercing through resistance at $.40 to settle at $.41/lb.  

Class III milk futures traded mostly lower.  November milk declined 13 cents to $23.77/cwt.  December suffered a 45 cent loss to $20.00/cwt.  January milk fell 23 to $17.84.  February through December 2021 milk is trading a range of $16.30-$16.72/cwt.  Class IV continues its low liquidity as butter continues moving lower with poor restaurant demand. 

Wheat climbed higher today after starting out the session lower.  December Chicago Wheat gained 9 cents to $6.0750/bushel.  December corn finished strong against session highs at $3.9750/bushel.  The market will be watching closely to see if we can trade through and close above $4.00/bushel tomorrow.  November soybeans decreased 5.75 cents to $10.5075/bushel.  December soybean meal pulled back $3.50 to $375.10/ton.

Fats and Feeders were a mixed bag.  December live cattle gained 25 cents to $108.55/cwt.   November feeders lost 42 cents to $136.97/cwt.  December crude oil rallied $1.25 to $37.04/barrel.