Class III Explodes Higher
Spot dairy prices shot higher today following yesterday’s friendly September Milk Production Report. Blocks gained 1 penny to $1.76 while barrels had a strong session, adding a nickel to $1.86/lb. Whey also increased 1 penny to $.61/lb. Butter moved 4.50 cents higher to $1.8450/lb. Nonfat milk settled ¾ of a penny higher to $1.5275/lb.
Class III milk prices exploded higher with multiple contract highs set. November milk surged 57 cents to $19.89/cwt. December milk was up 47 cents to $19.52/cwt. 2022 milk futures increased 13-49 cents. Class IV prices also saw similar price action, gaining around 20 cents in both November and December to $18.25 and $18.48/cwt.
Grains receded lower on the day. December corn fell 7 cents to $5.3225/bushel. November soybeans dropped 21.50 cents to $12.24/bushel. December soybean meal gave up $4.40 to $324.00/ton. December Chicago Wheat declined 8 cents to $7.4125/bushel.
Lean hogs took the biggest step back in the livestock market. December lean hogs finished $2.82 lower to $73.20/cwt. December live cattle eased 97 cents to $129.55/cwt. November feeder cattle lost 27 cents to $159.07/cwt. December crude oil decreased 77 cents to $82.65/barrel.
