Dairy markets came to party today as positive price action for Cheddar on the GDT auction this morning helped boost an underperforming Spot Call Auction. Blocks rose 3 cents to $1.46 while Barrels were lifted up nearly 2 cents to $1.5675. Dry whey also joined the fun, adding a cent to $0.2750. Butter did not get the invitation, as it tumbled a couple of cents down to $2.3775. Nonfat gained a quarter, finishing at $1.1650. Class III Futures were up big in the front months, around 40 cents as the beginning of 2024 fell 10-20 cents. Class IV Futures didn’t budge, holding the $18-$19 curve.
Dry weather has been benefiting grain markets as of late. December Corn was up 4 cents to $5.41 while November Soybeans were up 5, settling at $11.8475. December Soy Oil came up 10 cents while Soybean Meal lost value, shedding off 2 dollars down to $368.00. July Wheat joined its buddies, tacking on a few cents to $6.2775. Livestock also had a very green day. Live Cattle, Feeder Cattle, and Lean Hogs were all up about $1-$2 across their respective futures curves. Crude Oil found a ceiling, tapering off to $71.44 per barrel.
