Editor’s note: This market commentary is provided by the Dairy Division at FCStone in Chicago, Ill.

USDA Crop Production and World Ag Supply & Demand Estimates reports are released today at 11 a.m. (CST).

Class III contracts closed mixed, but mostly higher on Friday. The 1Q 2015 futures pack averaged $17.05/cwt., declining by a total of 39¢ week over week.

Cheese futures ended Friday’s trading session moving in sympathy to the Class III market. The 1Q 2015 futures pack averaged $1.7373/lb., 2.44¢ lower than the week before.

Dry Whey futures ended the week mixed, with declines in the near-dated contracts, but mostly higher results in the later dated months. The 1Q 2015 futures pack averaged 47.0¢/lb., dropping a total of 2.8333¢ lower week over week.

Class IV futures closed out the week with heavy losses extending through July 2015, while the August through December 2015 contracts remained unchanged. The 1Q 2015 futures pack closed out the week at $15.96/cwt., in route to a week-over-week decrease of 57¢ and and a break below the $16.00/cwt. mark for the first time.

NFDM futures fell. The 1Q 2015 futures pack average closed out Friday at $1.26292/lb., shedding 4.825¢s from the week prior.

Butter futures were pushed mostly lower. The 1Q 2015 futures pack averaged $1.7075/lb., 3.358¢ lower than the previous week.

Nov. 7 spot session results:

Block cheese: $2.2000 (unchanged)

Barrel cheese: $2.1200 (down 2.5¢)

Grade A NFDM: $1.1600 (down 2.0¢)

Butter: $2.0700 (down 2.75¢)

Today's expectations:

Class III, Dry Whey & Cheese futures to open lower

Class IV, Butter & NFDM futures to open lower

Grain futures

Grain market values fluctuated Friday during a choppy trading session ahead of today’s USDA Crop Production and World Ag Supply & Demand Estimates reports. Private estimates are calling for a moderately larger corn crop with ending stocks pegged at 2.13 billion bushels. The soybean complex pushed higher on the day despite estimates calling for a slightly larger bean crop with a declining carryout projection.

Today’s expectation:

Corn to open steady to higher

Soybeans to open steady to lower


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