MILK
Class III futures did not perform very well with contracts closing mixed. The gain of barrels was diminished due to the inability of price to hold the highs of the trading period. Class IV futures did well with gains across the board with some contracts posting double-digit gains. The November Federal Order prices were announced today. The Class II price was announced at $21.21, a decrease of $0.74 from October and down $3.46 from November 2022. The Class III price was announced at $17.15, up $0.31 from October and down $3.86 from a year earlier.
The Class IV price was announced at $20.87. down $0.62 from October and down $2.43 from November 2022. The South Dairy Trade report was released showing the prices of dairy products moving through ports in Argentina and Uruguay. Dairy products moving the port in Argentina for October 1-15 totaled 11,120.87 tons to 27 destinations. Whole milk powder increased 1.5% to $3,767.57 per ton or $1.48 per pound. Skim milk powder price increased 0.2% from the previous period at $3,108.87 per ton or $1.41 per pound. Semi-hard cheese decreased 2.9% to $4,132.35 per ton or $1.87 per pound. Hard cheese decreased 4.6% to $5,636.94 per ton or $2.56 per pound. Butter gained 2.2% to $4,549.44 per ton or $2.06 per pound. Dairy products moving through ports in Uruguay during the period from November 1-15 totaled 11,772.75 tons moving to 30 destinations. Whole milk powder decreased 2.1% to $3,170.73 or $1.44 per pound. Skim milk powder decreased 5.4% to $3,088.10 per ton or $1.40 per pound. Semi-hard cheese decreased 0.9% to $5,011.42 per ton or $2.27 per pound. Hard cheese decreased 12.5% to $5,644.85 per ton or $2.56 per pound. Butter increased 1.5% to $4,582.15 per pound. Buttermilk decreased 1.1% to $2,014 per ton or $0.91 per pound.
AVERAGE CLASS III PRICES
| 3 Month: | $16.36 |
| 6 Month: | $17.04 |
| 9 Month: | $17.49 |
| 12 Month: | $17.78 |
CHEESE
Barrel cheese price could not hold the initial gain during spot trading. Even though price closed higher, the drop back from the high sent a little negative tone through the market as upside price potential could be limited. Traders do not seem to care about price strength but rather the long-term potential. That does not seem to be very positive at the present time. Cheese output is steady, meeting demand without difficulty and leaving buyers unconcerned over supply.
BUTTER
An unfilled bid moved price higher today with no sellers showing up to do business. There is a possibility that once that bid is filled, price could decline as buyers may not be willing to purchase for general demand at the higher price. Upside price potential is limited for the time being.
OUTSIDE MARKETS SUMMARY
March corn closed up 2.25 cents per bushel at $4.7575, January soybeans closed up 0.50 cent at $13.4700 and January soybean meal closed down $3.50 per ton at $427.00. March Chicago wheat closed up 13.75 cents at $5.8575. February live cattle closed up $0.65 at $173.48. January crude oil is up $1.31 per barrel at $77.72. The Dow Jones Industrial Average is up 13 points at 35,430 with the NASDAQ is down 23 points at 14,258.
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