November 4, 2020

Markets Seem Not To Mind Election Unknowns

 |  By: Know Your Market

As we enter our second day of U.S. Election results, we are still waiting on confirmation of a Red or Blue white house for the next 4 years.  The overall markets seemed not to mind the unknown. 

Grains had Soybeans leading a charge higher. Soybeans closed 20 cents higher to 10.79, corn gained 4 ¼ to $4.05 ¼, Chicago Wheat fell 2 cents to 6.06 even and Soybean meal gained $8.50 to $385.70/ton.

The CME spot markets was mixed and Cheese moving lower. Cheddar Blocks fell 10 ½ cents but failed to moved a load – finishing at $2.63/lb, Barrels fell 3 cents to $2.49 1/2/ The block/barrel spread narrowing to 13 ½ cents. Butter however, gained 1 ¼ cent to 1.43 ¾.

Grade A Non Fat Dry milk fell half a cent to $1.06 ½ with no trades, and Dry Whey was unchanged at $0.42/lb. 

Class III milk saw slight drops. November fell 9 to 23.77,, December fell 5 to 20.17, and January slid 7 to 17.92.

Class IV milk was unchanged nearby. November at 13.56, December at 13.55, and January at 13.78/cwt.

The Dow also saw gains Wednesday up over 450 points as we finish the trading day.