MILK:
Milk futures did not see much volatility today as underlying cash prices showed limited movement. However, the trading volume in December and January Class III contracts was higher than usual with 864 contracts and 1,358 contracts respectively. But even that volume in those months resulted in limited price movement. The income over feed price for October was $15.17. This is the second-highest income over feed since the program began. The average price for corn was $3.99, up one cent from September. This compares to $4.93 in October 2023. The soybean meal price was $342.85 per ton, down $3.49 per ton from September and down $73.31 per ton from a year ago. The premium/supreme hay price was $236.00 per ton, up $9.00 per ton from September and down $42.00 per ton from a year ago. The All-milk price was $25.20, down $0.30 per cwt from September but up $3.70 per cwt from October 2023. Other prices that are not used in the equation but are worth taking note of. The soybean price averaged $9.91, down $0.29 from September and compared to $12.70 a year earlier. The alfalfa hay price averaged $173.00 per ton in October compared to $172.00 per ton in September and $219 per ton in October 2023.
AVERAGE CLASS III PRICES:
| 3 Month: | $18.86 |
| 6 Month: | $18.78 |
| 9 Month: | $18.74 |
| 12 Month: | $18.74 |
CHEESE:
Cheese prices did not show much price movement with only block showing a decline. The decline was more than offset by the increase in dry whey, but traders did not focus on whey. They remain focused on the movement of cheese prices. The inability of prices to increase at this time of year does not bode well for strength through the rest of the year. Dry whey continues to be the leader in providing support to Class III prices moving back to the highest level since March 24, 2022.
BUTTER:
The spot butter price rebounded from the low during spot trading as buyers took advantage of the dip in price. That does not indicate a change in trend as supplies remain readily available for demand.
OUTSIDE MARKETS SUMMARY:
March corn closed down 0.50 cent per bushel at $4.3250, January soybeans closed down 4.25 cents at $9.8525 and January soybean meal closed down $4.00 per ton at $287.90. March Chicago wheat closed down 0.75 cent at $5.4725. February live cattle closed down $0.70 at $187.93. January crude oil is up $0.10 per barrel at $68.10. The Dow Jones Industrial Average is down 129 points at 44,782 with the NASDAQ up 186 points at 19,404.
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