Cheese Prices Take Another Plunge
Today’s Dairy Products Report showed total cheese production up 3.3%. Dry whey output decreased 1.6% for the 7th straight month of declines. Skim milk power production climbed to a 10-month high. Nonfat dry milk inventories fell to an 11 month. Butter production declined 4.9% for the third consecutive month of declines.
Barrel cheese continued its slide lower, dropping another 5.25 cents to $1.5175/lb in the spot dairy trade. Block cheese fell 3.75 cents to $1.6050/lb. Dry Whey saw a half-cent bump to $.6550/lb. Butter lost half a penny to $1.9350/lb. Nonfat Milk remains unchanged at $1.5650/lb.
Class III milk prices mostly shook off spot cheese taking another plunge. November gave up 15 cents to $17.93/cwt. December milk fell 8 cents to $17.89/cwt. 2022 milk futures rose 1-15 cents. Class IV November milk eased 6 cents to $18.54/cwt. December milk gave up 4 cents to $19.09/cwt. 2022 class IV futures saw gains of 3-10 cents.
The grain complex moved lower across the board. December corn lost 4.75 cents to $5.5925/bushel. November soybeans tumbled 22.25 cents to $12.0925/bushel. December soybean meal gave up $5 to $335.80/ton. December Chicago Wheat slid 7.25 cents to $7.7375/bushel.
Cattle moved lower with lean hogs increasing. December live cattle lost $1.02 to $130.62/cwt. November feeder cattle eased $1.15 to $158.02/cwt. December lean hogs rallied $1.92 to $77.87/cwt. December crude oil finished beneath the $80 mark to $79.21/barrel.
