Dairy in the World

Milk Futures Gain More Momentum

The milk markets began Monday with solid performances in Class III and IV. Class III values added 8 to 20 cents/cwt in Q2 2022 while Q3 added 30 cents and Q4 2022 jumped 30-52 cents/cwt. First half 2023 ranged from 6-27 stronger in the months that traded. Class IV markets had more limited trade and gains adding 9-24 cents in the May through December 2022 contracts.

CME spot dairy product prices were paced by butter gaining 2.5 cents/lb as eight loads exchanged hands. Cheddar barrels traded 2 cents in the green at $2.03/lb. Grade A nonfat dry milk was up a half cent with two loads exchanging hands. Blocks and whey were unchanged at $2.19/lb and $0.7575/lb, respectively.

The grain market was mainly lower Monday. Corn declined 14 cents in the spot market to $7.48/bu while new crop was off 2.75 cents/bu at $6.525. Soybeans lost 5 cents in the spot May contract but dropped 10 cents in the new crop. Soybean meal rallied $3-$7/ton Monday. The wheat complex ranged from 30 lower in the Chicago market to 10 higher in the Kansas City market.

Source: Collect

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Dairy in the World

Milk Futures Gain More Momentum

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