November 9, 2020

Markets Light Up Green

 |  By: Know Your Market

Markets across the board lit up in green after the announcement this morning on positive news from Pfizer regarding their Covid-19 vaccine.  The stock market jumped as high as 30,000 on the Dow Jones Industrial Average, up over 1,700 points at that particular point in time.  Markets fell from their peaks, however, settling out 834 points stronger for the day and just north of 29,000.


The CME spot dairy auction produced similar results to late last week.  Cheese values declined another 10.75 cents in barrels and 5 in blocks.  Barrels traded two loads and ended at $2.21 while blocks moved nine loads with closing price of $2.2925/lb, respectively.  Butter gained 3.25 cents to $1.4625/lb.  Grade A nonfat dry milk traded a quarter cent higher to $1.0675/lb.  Dry whey was unchanged at $0.4225.


Class III milk futures watched November futures trade 28 higher to $23.48/cwt.  December futures rose 44 cents to $19.14/cwt.  January outperformed both 2020 months posting a 60-cent gain for the day while February was closely behind at 42 cents in the green.  The rest of 2021 traded anywhere from 5-18 cents stronger.  Class IV milk even joined the fun and had a positive day.


In other ag markets, corn was up a penny, soybeans 9 cents, and meal a couple dollars/ton.  Cattle almost had a limit up close on fats and feeders.  The oil complex settled with crude oil adding $3.50/barrel, diesel futures were up 7.5 cents/gallon as was gasoline.