Dairy products were unchanged to lower in the CME spot dairy product auction on Tuesday. Block cheese held steady at $2.0350/lb. Barrel cheese dropped half a penny to $2.1850/lb. Whey also fell half a penny to $0.41/lb. Butter gave up 4.50 cents to $3.1850/lb. Nonfat milk remains at $1.53/lb.
Class III futures sold off quite viciously. November milk erased 32 cents to $21.08/cwt. December milk tumbled 50 cents to $20.62/cwt. Quarter 1 2023 milk futures crashed 34-42 cents, ranging from $20.28 to $20.50/cwt. Class IV milk futures were also lower on the day.
Grain futures were mixed ahead of Wednesday’s October WASDE report which will be released at 11:00 am. December corn fell 5.25 cents to $6.93/bu. November soybeans gained 2.25 cents to $13.7625/bu. December soybean meal increased 30 cents to $406.00/ton. December Chicago Wheat retreated 37 cents to $9.01/bu.
The livestock sector also varied on the day. December live cattle was up $1.57 to $148.57/cwt. November feeder cattle rose $3.32 to $176.20/cwt. December lean hogs decreased 7 cents to $79.52/cwt. November crude oil declined $2.62 to $88.51 after a wide range of trading prices today.
