Class III markets popped higher today, with January – March futures all settling above $20.00 per hundredweight. And it’s just in time, as the Q1 DRP deadline is coming tomorrow. If you need any more coverage, take a close look at today’s values. Today’s Q1 Class III DRP has a $19.14 trigger price for 21 cents, which is a level that would have triggered a claim in nine of the past 10 years. Class IV DRP comes with a $19.76 trigger price for 13 cents, which would have paid in eight of the past 10 years. At current feed prices, those levels should help ensure a positive margin for early next year.
Today’s Highlights
CME spot dry whey hit another milestone, adding $0.0175 to reach $0.7675 per pound, the highest level since February 2022. Spot cheddar prices also rose, with blocks settling at $1.7875 per pound, $0.0375 higher, and barrels finishing at $1.7300 per pound, a 5.5-cent gain. Volume: zero lots of whey, six loads of blocks and four lots of barrels.
Ever Ag
December 12, 2024 04:28 PM
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