markets higher
November 13, 2019

Milk Moves Higher Despite Weak CME Trade on Wednesday

 |  By: Know Your Market

Wednesday brings mixed signals to the dairy market. The CME spot trade was weaker with the exception of dry whey, yet Class III moved higher with a short-term rally during trading. November Class finished 15 higher to $20.19, December saw a 40-cent swing during trading to finish 10 higher at $18.79, and 2020 saw Jan – March trade 9-12 higher with an average price of $17.33 per cwt.

Class IV was unchanged across the board, November at $16.73, December at $16.93, and January – March averaging at $17.30 per cwt. 

These moves higher was despite the 3 cents Cheddar blocks lost to move to $1.91 with 4 loads trading. Cheddar barrels saw 2 loads trade hands, falling 3 ½ cents to $2.28 per lb. Our block/barrel spread continues to be inverted at 37 cents, though the average Cheddar price fell to $2.09 ½ per lb.

Butter only moved 1 load and fell a quarter of a cent to $2.06 ½. Dairy powders continue to be steady with nice volume trading. Grade A nonfat dry milk was unchanged moving 10 loads at $1.21 ¾, and dry whey gained ¾ of a cent to $0.29 per lb. with 6 loads moving, and 23 bids left with no offers. 

Grain markets saw December corn fall 2 ¼ to $3.75 ¼, November soybeans fell 3 ¼ to $9.02 ½, and December soybean meal gained $1.80 to $304.10 per ton.