November 3, 2020
Election day in the United States was met with broad based commodity support across most contracts. Class III dairy markets added two cents in October and November while December gained thirteen. 2021 months turned in a solid performance as well ranging from 5-12 cents/cwt in the green. Class IV prices failed to follow suit as months fell double digits between December 2020 and July 2021. CME product values watched dry whey add another penny. One trade took place as whey settled at $0.42/lb. Cheddar barrels saw four transactions take place and a closing price a half cent lower to $2.5250/lb. Block cheese softened 4.5 cents to $2.7350/lb on a single unfilled offer. Grade A nonfat dry milk lost 2.5 cents and ended at $1.07. Butter regained 1.5 cents as 8 loads traded. GDT event 271 also traded on Tuesday and gave some price direction to our CME prices. Butter moved 3.9% higher to a price of $1.69/lb. Cheddar lost 0.8% to $1.7175/lb. Skim and whole milk powders each declined 4.4% and 2%, respectively. In the other ag markets, corn traded four cents better, soybeans were up twelve, and the wheat complex was a mixed bag of three lower to three higher.