MILK
Milk production is steady in some areas and slowly increasing in other areas. Milk plants are not being overwhelmed with milk with some of that by design due to plant quotas. Some of it is because of plant capacity being sufficient to handle increased production or with extra being offered on the spot market. Fluid demand is good but will slow next week as more moves to manufacturing due to the Thanksgiving holiday with schools closed a few days. South Dairy Trade report was released earlier this week showing volume of prices of dairy products moved through ports in Argentina and Uruguay. There were 4,289.21 tons of dairy products moved through ports in Argentina during the second half of September. There were 9,364.84 tons moved to 22 destinations. Whole milk powder price increased 2.3% over the previous period. Price was $3,977.44 per ton or $1.81 per pound. Skim milk powder increased 0.2% to $3,820.38 per ton or $1.73 per pound. Semi-hard cheese declined 1.6% to $4,742.01 per ton or $2.15 per pound. Hard cheese declined 1.6% to $6,222.88 per ton or $2.83 per pound. Butter declined 2.1% to $4,868.06 per ton or $2.21 per pound. During the second half of October, Uruguay has 5941.81 tons of dairy products moved through the ports to 18 destinations at an average price of $4,738.26. Whole milk powder declined 5.1% to $3,886.89 per ton or $1.77 per pound. Skim milk powder declined 7.8% to 3,932.36 per ton or $1.79 per pound. Semi-hard cheese increased 1.5% to $4,980.81 per ton or $2.26 per pound. Hard cheese increased 5.5% to $6,780.19 or $3.08 per pound. Butter slipped 0.6% to $5,218.35 or $2.37 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $21.11 |
| 6 Month: | $20.78 |
| 9 Month: | $20.62 |
| 12 Month: | $20.57 |
CHEESE
Cheese prices are not yet finished increasing due to the strength today. Block prices have moved back to the highest level since July 1. There seems to be another push for cheese bringing buyers off the bench to pick up supply before price moves too high. The market seems to be in a state of emotion with buyers trying to outbid each other.
BUTTER
Butter did not see the aggressive buying of the previous two days. However, that does not necessarily mean price is near the top. The price rise might be slowing as it has rebounded significantly.
OUTSIDE MARKETS SUMMARY
December corn fell 11.25 cents closing at $6.5325. November soybeans fell 29.25 cents closing at $14.3050 with December soybean meal down $13.50 per ton closing at $404.10. December wheat declined 3 cents ending at $8.0350. December live cattle gained $1.50 closing at $153.07. December crude oil gained $0.64 closing at $86.47 per barrel. The Dow jumped 1,201 points ending at 33,715 with the Nasdaq gaining 761 points closing at 11,114.
