November and December Milk Price Futures Tumble Lower
U.S. milk production increased 1.5% year-over-year in September. For the first time in 2022, cow numbers rose on a year-over-year basis, adding 6,000 head. Market analysts will look as this report as bearish to the market.
It was a mixed bag Thursday in the CME spot dairy auction. Blocks tacked on ¾ of a penny to $2.0575/lb. Barrel cheese eased 6 cents to $2.1450/lb. Whey added half a penny to $0.44/lb. Butter held steady at $3.20/lb. Nonfat milk fell 1.50 cents to $1.4250/lb. GDT auction results have been price negative to powder prices lately.
Class III gave up most of it’s early gains with spot cheese receding and a bearish September Milk Production Report. November milk fell 13 cents to $21.17/cwt. December tumbled 34 cents to $19.67/cwt. Class IV milk prices were 10 cents lower to 10 cents higher out through the first half of 2023.
Grains were mostly higher on the day. December corn jumped 5.75 cents to $6.84/bu. November soybeans added 19 cents to $13.9150/bu. December soybean meal climbed $11.60 to $413.30/ton.
Livestock futures were mixed on the day. December live cattle increased 32 cents to $151.67/cwt. November feeder cattle declined 52 cents to $177.55/cwt. December lean hogs fell 35 cents to $87.02/cwt. December crude oil gained 30 cents to $84.82/barrel but came off the highs of the day set at $88.17.
