Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
The average Q1 2014 Class III futures pack settled Friday at $21.90/cwt., down 8¢ for the day, while gaining 58¢ week over week.
Cash cheese futures settled mixed on Friday. Q1 2014 cheese futures closed out the week at $2.1507/lb., down 0.33¢ for the day, but 6.94¢ higher week over week.
Average Q1 2014 dry whey futures closed Friday at 61.33¢, down 0.5¢ on the week.
Average 2014 Class IV futures finished unchanged to lower on Friday, with average Q1 2014 futures slipping 3¢ to settle at $22.87/cwt., yet added 4¢ week over week.
Average Q1 2014 NFDM futures closed Friday at $2.03, up 0.5¢ on the week.
Average Q1 2014 butter futures closed Friday $1.798/lb., down 2.3¢ on the week.
Jan. 31 spot session results:
Block cheese: $2.36 (up 0.5¢)
Barrel cheese: $2.32 (unchanged)
Grade A NFDM: $2.04 (down 1.5¢)
Butter: $1.88 (down 1.25¢)
• Class III and Cheese to open soft
• Dry Whey to open mixed
• Class IV to open steady
• Butter to open slightly lower
• NFDM to open firm
Grain markets moved higher last Friday led by the strength of the soybean contracts, with March soybeans gaining 7.75¢ to $12.83/bushel.
• Corn to open firm
• Soybeans to open soft
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