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Milk Follows Cheese Higher in Chicago Tuesday


On the Chicago Mercantile Exchange milk futures continue to move higher thanks to continued strength in the cash cheese market. We continue to see Class III milk follow the strength in the cash cheese trade. November gained 18 cents to $19.86, setting another contract high. December gained 33 cents to $18.92 and January – March of 2020 saw 4-13 cent moves higher to average $17.23 per cwt. Class IV milk gained 4 cents in November to $16.75, and December gained 17 to $16.74 with 2020 markets being relatively unchanged, other than January gained 6 to $16.73.

Dry whey down $0.0050 at $0.2675. Eleven trades were made ranging from $0.2650 to $0.27. Blocks up $0.01 at $2.1525. Four trades were made at $2.1450 and $2.1525. Barrels unchanged at $2.2525. Butter up $0.0050 at $2.0875. Four trades were made ranging from $2.08 to $2.0875. Nonfat dry milk up $0.0050 at $1.1575. Five trades were made ranging from $1.15 to $1.1575.

Grain markets saw a mixed day with markets down slightly during overnight trading to a mid-morning burst higher on rumors that China and the U.S. will be meeting to sign a trade agreement in Chile on November 17. The market is still shy to buy in and saw December corn gain 2 ¼ to $3.86 ¼, November soybeans fell 2 ½ to $9.18 ¼ and December soybean meal fell $1 to $303.00 per ton.


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