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Class III milk futures on the CME closed mostly higher, with November up $0.21 at $16.80 and December up $0.18 at $16.45. Cash cheese blocks rose $0.0375 to $1.90 and butter gained to $1.8925, while nonfat dry milk fell slightly.
The USDA reported cream supplies available in most regions and cheese makers running near full schedules.
Firm cheese and butter prices and near-full cheese production support Class III milk futures. Stable dairy product demand keeps milk prices firm for buyers of dairy-based feed ingredients.
brownfieldagnews.comJohn PerkinsNov 3, 2016brownfieldagnews.comJohn PerkinsNov 4, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Class III futures rose further with cash cheese up to $1.90 on Nov 4, which supports the 5-day gain through firmer cheese prices.
