Most dairy products climbed higher Tuesday in the CME spot dairy product auction. Block cheese tacked on 4.75 cents to $2.00/lb. Barrel cheese jumped 7.50 cents to $2.06/lb. Whey added 4 cents to $0.4975/lb. Butter rallied 7 cents to an all-time high of $3.24/lb. Nonfat milk was down 1.25 cents to $1.5750/lb.
Class III prices saw some selling pressure throughout the course of the day despite spot prices being higher. Future prices have been premium to spot prices for quite some time. Today’s price action narrowed the difference. October milk fell 15 cents to $21.52/cwt. November milk gave up 27 cents to $21.78/cwt. Q4 Class IV milk futures averaged 17 cents higher on the day.
Grain futures were mostly lower on the day. December corn fell 3.25 cents to $6.9275/bu. November soybeans lost 9.50 cents to $14.7875/bu. October soybean meal dropped $10.90 to $428.90/ton. December Chicago Wheat was up 1.75 cents to $8.6050/bu.
The livestock sector was mixed on the day. October live cattle decreased 95 cents to $144.80/cwt. October feeder cattle eased $2.60 to $180.52/cwt. October lean hogs rallied $3.87 to $95.75/cwt. October crude oil fell 40 cents to $87.38/barrel.
