November Prices Continue Upward
The CME spot dairy product session was highlighted by butter and grade A nonfat dry milk on Thursday. Both products traded 18 loads and left numerous bids and a couple offers left unfilled. Butter added $0.0475/lb to $1.43/lb while nonfat strengthened $0.0175/lb to $1.0975, respectively. Dry whey cracked the 40 cent threshold for the first time since May after bids raised its price by a half cent. Cheese remained unchanged with blocks at $2.7725/lb and barrels at $2.47. One offer was left unfilled on both.
CME milk prices were led by November which jumped to $23.30 and December rose 20 cents to $20.35/cwt. 2021 Class III prices ranged from 8 cents lower to thirteen higher. Class IV markets failed to trade on Thursday but ended with many month’s bids/offers higher than Wednesday’s settlements.
Grain prices overnight were whacked as better weather has shown up in South America for planting. Fund profit taking had prices on the run but solid export sales limited the damage in corn, soybeans, and wheat. In the end, corn lost 3 cents and ducked its head back beneath $4/bu while soybeans lost 5.5 cents/bu. November soybeans settled at $10.52/bu. The wheat complex lost 1-5 cents as well.