Spot NDM hit a new year-to-date high, gaining 1.5 cents to settle at $1.4050 per pound, with 17 loads exchanged. The CME dry whey market also jumped again, supported by tighter stocks and ongoing high protein demand. Spot prices added $0.0325 to reach $0.6550 per pound, a level last seen in March 2022. Four loads traded. Meanwhile, spot blocks shed $0.0325, moving lower to $1.6575 per pound, while barrels eased to $1.6725 per pound, down three quarters of a penny. One lot of blocks and zero of barrels changed hands. Butter tumbled to $2.6000 per pound, three cents lower, with three lots exchanged.
Class III futures tumbled along with spot block prices, with the December contract dropping to $18.44 per hundredweight, 22 cents lower. First quarter futures closed at $18.81, a nickel lower. The “all cheese” December contract also decreased, settling at $1.7530 per pound, down $0.0310.
Spot milk prices dropped amid favorable weather and feed conditions in the Upper Midwest. USDA reported more milk is coming online ahead of new plant openings, leaving some milk without a home in some regions and leading to a wide price spread of -$3.00 to +$3.00. Overall, spot prices slipped to an average of “flat class. That compares to +$1.75 last week, +$0.63 in 2023 and -$0.08 on the five-year average. But in the Upper Midwest, the midpoint was +$1.75, closer to the historical average.
By Ever. Ag
November 14, 2024
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