November 6, 2019

Markets Hibernate As Snow Blows Through The Upper Midwest

 |  By: Know Your Market

Winter is moving in early to the Upper Midwest. As snow blew in on Wednesday the markets seemed to want to hibernate. Cheddar barrels continued to move higher but again saw no loads come to the table. One bid pushed barrels 1 ½ cent higher to $2.39 per lb. however, Cheddar blocks saw 3 loads change hands and fell a penny to $2.14 ¾.

Butter also gave back ¾ of a cent to move to $2.05 ½ with no loads moving, 1 bid and 3 offers. Grade A nonfat dry milk moved 1 load and gained a penny and a quarter to $1.20 ½ per lb. and dry whey was quiet with no loads moving and only 4 bids to hold unchanged at $0.27 ¾ per lb.

Class III quietly gave back some of its gains. November fell 7 cents to $20.23, Dec fell 12 to $19.64 and 2020 saw Jan – March fall 3-8 cents and is averaging at $17.42 per cwt. 

Class IV milk saw gains in every month but November which held unchanged at $16.78. December gained 5 to $16.93, and January gained 1 to $17.06 per cwt

Grain markets moved lower ahead of Friday’s World Supply and Demand report. December corn fell 3 to $3.78 ¾, November soybeans fell 6 ¾ cents to $9.15 even, and we see soybean meal fall below $300 once again, falling $3.80 to $298.90 per ton.