Spot Milk Remains Tight but Component Levels are Healthy

 Class III futures also continued to slip, with the November contract down 48 cents to $21.83 per hundredweight. Q1 futures declined to $20.04 per hundredweight, losing nine cents. December Class IV futures dropped to $20.89 per hundredweight, 11 cents lower, while Q1 contracts settled at $21.06, giving up eight cents.

According to USDA, spot milk in the Upper Midwest is still a bit tight, but there’s plenty of cream to go around as component levels remain healthy. Spot milk prices reached a midpoint of $1.50 per hundredweight over class, up from $1.00 last week, +$1.13 in 2023 and +$0.78 on the five-year average. USDA pegged cream multiples at 131. That compares to 131 last week, 136 last year and 135 on the five-year average.

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