Blocks and barrels remained steady in the CME Cash Dairy Product Trade. The block/barrel average is $2.61/lb.
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Barrels were offered once, but no buyers showed up. Butter gained half a penny to $1.44/lb. Grade A Nonfat Milk lost half a penny to $1.0925/lb. Dry Whey added half a cent to $.39/lb.

Class III milk futures surged higher to follow up Friday’s limit move. October remains at $21.63/cwt. November milk climbed 50 cents to $22.69/cwt. December milk skyrocketed 87 cents to $21.03/cwt. January milk increased 49 cents. Class IV futures continue to trade in the $13-$14 range.

The grain complex was a mixed bag. December corn lost 1.50 cents to $4.1775/bushel. November soybeans gained 4 cents to $10.8775/bushel. December soybean meal is now over a $100/ton off its low, now sitting at $389.60/ton. December Chicago Wheat decreased 12.75 cents to $6.20/bushel.

Fats and Feeders traded higher in most months. October live cattle gained 62.50 cents to $103.97/cwt. October feeder cattle settled 17 cents higher to $133.70/cwt. December crude oil decreased $1.30 to $38.57/barrel.

Fonterra is in the middle of a big restructure of its capital. It is still the case given its dominance over us that where Milk Supertanker Fonterra goes, we go.

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