DTN Closing Dairy Comments
Robin Schmahl DTN Contributing Analyst
Tue Oct 22, 2013 04:17 PM CDT

November and December Class III futures responded to the increasing barrel cheese price. These two contracts responded with double-digit gains. While barrel price was declining, there was little selling pressure in the November contract. The trade is beginning to price November and will do that over the next four weeks. Now that barrels regained some of the loss of the past week, it was enough to spark short-covering pushing price 20 cents higher. This improves the outlook for the November milk price with futures indicating a 20-cent increase if underlying prices hold. Current futures are near the high announced ...

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