Is an End-of-Year Milk Price Rally in Sight?
Barrel Cheese was the only loser on the CME spot trade today. Barrel cheese found its resistance, finishing at $1.9200, down 2.75 cents. Block cheese has found support, rebounding upward 3 cents to $2.1100/lb. Whey came up ¾ cent to $0.4575, while butter was unchanged at $2.90, and Nonfat Dry milk settled in at $1.3725, up 1 ¼ cents.
Class III Milk futures have sustained their rally from the end of last week, with December settling upward 7 cents at $20.48. December Class IV Milk futures were able to edge 10 cents higher over the previous settlement to $21.90, due to continued seasonal holiday demand buying.
Grain markets have been volatile as of late. Corn has dropped steadily over the past few days, with the March contract coming in at $6.3725. Soybeans have been on the rise, with the January contract moving up 17 ¼ cents to $14.55. Soybean meal and oil have been experiencing opposite trends. January meal has skyrocketed to new contract highs at $449.20 per ton. Soy oil has been beaten up, with its fifth consecutive negative day resulting in a $11.66 drop to $63.87 for December. March Chicago Wheat continues to fall, down to $7.29.
Livestock also had an undesirable day. February Live Cattle tumbled $2.20 to $153.625, March Feeder Cattle dropped $2.225 to $184.150, and February Lean Hogs fell $3.60 to $86.925. January Crude Oil nose dived $2.56 to $74.25 while the March U.S. Dollar creeped up $0.261 to $105.202.
By KNOW YOUR MARKET
December 6, 2022