Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.
Last Friday's trades were mixed to slightly higher, but week-over-week prices were mostly lower.
Class III futures shook off the bearish spot cheese session, with December 2014-December 2015 contracts settling between unchanged and 23¢ higher on Friday. The 1Q 2015 futures pack averaged $17.01/cwt., down 7¢ week over week.
Cheese futures also shook off the spot declines to settle mixed. The 1Q 2015 futures pack averaged $1.7127/cwt., declining 2.03¢ week over week.
The 1Q 2015 Dry Whey futures pack averaged 50.9667¢/lb., a week-over-week increase of 1.9334¢.
Class IV futures garnered some strength from component markets to tally minimal gains. The 1Q 2015 futures pack settled at $15.59/cwt., a 10¢ decline week over week.
Butter futures settled mixed on Friday. The 1Q 2015 futures pack ended the week at $1.69/lb., shedding of 0.467¢ week over week.
NFDM futures settled unchanged to 2¢ higher. The 1Q 2015 futures pack averaged $1.2305, declining 1.783¢ from the prior week prior.
Nov. 21 spot session results:
Block cheese: $1.7300 (down 4.5¢)
Barrel cheese: $1.7400 (down 1.0¢)
Grade A NFDM: $1.1375 (unchanged)
Butter: $2.0000 (up 0.75¢)
• Class III futures to open higher
• Cheese futures to open higher
• Dry Whey to open steady
• Butter futures to open steady to lower
• Class IV futures to open lower
• NFDM futures to open steady
Grain markets shrugged off the news the U.S. Environmental Protection Agency postponed announcing a mandate for ethanol of other biofuels for 2014.
• Corn futures to open lower
• Soybeans and soybean meal to open lower
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