Spot blocks were unchanged at $1.6000 per pound, with zero lots trading. Barrels dropped to $1.5100 per pound, five cents lower, with four loads exchanged.
US milk production totaled 18.71 billion pounds in October, down 0.5% on the year. Cow numbers reached 9.37 million head, down 6,000 versus September and -42,000 year-over-year.
December and January Class III contracts fell to $16.38 and $16.53 per hundredweight, respectively, each shedding 26 cents.
December “all cheese” futures decreased to $1.6770 per pound, losing $0.0220.
Spot butter advanced to $2.5175 per pound, gaining $0.0275, with two lots changing hands.
The December butter contract slipped to $2.5400 per pound, down 3.5 cents.
Spot NDM remained at $1.1925 per pound, with no loads trading.
First quarter NDM futures climbed to $1.2469 per pound, adding $0.0018.
Spot dry whey dipped to $0.4025 per pound, giving up $0.0075, with zero lots exchanged.
The December dry whey contract decreased to $0.3975 per pound, a penny lower.
December corn futures ticked up to $4.6950 per bushel, 2.5 cents higher. The January soybean contract jumped to $13.6725 per bushel, up 27 cents.
FROM THE TRADING DESK: The cheese market continued to slip, with barrels giving up five cents, widening the block-barrel spread to nine cents. With the continued decline in cheese prices, the US should be able to book some exports as we become more favorable compared to the EU.
Block Cheese: $1.6100, unchanged, 0 lots traded Barrel Cheese: $1.4275, down $0.0425, … Read more
