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¢)

 

Today's expectations:

• 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 futures

Grain markets shrugged off the news the U.S. Environmental Protection Agency postponed announcing a mandate for ethanol of other biofuels for 2014.

 

Today’s expectation:

• Corn futures to open lower

• Soybeans and soybean meal to open lower

 

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