A stronger CME spot dairy product trade was met with a lower Class III trade on Wednesday but slightly higher Class IV trade. Barrel cheese rose 2.25 cents and ended at $1.4225/lb following 5 trades on the day. Cheddar blocks were unchanged at $1.68/lb with zero loads moving hands. Butter added 5 cents and settled at $1.36/lb. A whopping 44 trades took place on the exchange on Wednesday. Dry whey closed unchanged at $.43/lb while nonfat dry milk added ¾ of a cent to $1.0950/lb, 11 trades took place.
Class III milk prices lost 27 cents in December to a price of $15.36/cwt. January also dropped around 20 cents and even sank beneath $16.00 for a real brief amount of time. February onward ranged from 6 cents lower to 6 cents higher. Class IV prices were up slightly in December as well as 2021.
Grain prices stepped back on Wednesday as a round of profit taking took place ahead of the holiday. Corn lost 5 cents/bu to a settlement of $4.20. Soybeans declined 7 cents to $11.84/bu. Meal traded $1-$4/ton lower but sits just a stone throw from $400/ton. The wheat complex set back the most dropping 9-23 cents.
On Thursday, all markets will be closed for Thanksgiving. Friday will see the grains trade, but dairy will be closed that day as well. For all of us at ever.ag we would like to wish you and your family a Happy Thanksgiving!
