Skim Milk Powder Up 20% Since 2019
The October Dairy Products Report saw total cheese output at 1.13 billion lbs. This represents a negative 0.60% year-over-year but 3.2% above September 2020. Nonfat dry milk was 4.3% higher year-over-year. Skim Milk Powder was up 20.7% year-over-year. Butter climbed 1.2% year-over-year and up 8.8% above September. Dry Whey decreased 11.8% year-over-year.
The CME Cash Dairy Product Trade showed price appreciation across the board. Blocks gained ¾ of a penny to $1.5850/lb. Barrels added 1.50 cents to $1.42/lb. Butter climbed 2 to $1.4775/lb. Grade A Nonfat Milk increased ¾ of a penny to $1.1575/lb. Dry Whey continues its ascent higher to $.4525/lb.
Milk futures reacted favorably to the strong 11:00 a.m. spot dairy session. December milk gained 30 cents to $15.49/cwt. January Milk surged 39 cents to $16.03. The remainder of 2021 saw no price change to a positive 39 cents! The 2021 average is printing $16.87/cwt. Class IV prices saw a price appreciation of 14-33 cents in the months that had liquidity.
January soybeans bounced 15.25 cents to $11.6825/bushel. December corn gained 3.75 cents to $4.2250. December soybean meal rose $3.30 to $392.80/ton.
Fats and Feeders were weaker on the day. December live cattle dropped $1.10 to $109.60/cwt. January feeder cattle declined $2.00 to $139.80/cwt. January crude oil increased 38 cents to $45.66/barrel.
