Milk Prices Skyrocket Higher

Class III milk continued its aggressive rally trading limit higher in August, September, October, and November
Class III milk continued its aggressive rally trading limit higher in August, September, October, and November
(Farm Journal)

Ag markets added risk premium on Monday as hot weather, a war, and aggressive buyers press forward.  Corn surged 32 cents/bu in the December contract settling out at $5.6825, the highest price since June 27th.  Soybeans gained 23 cents in new crop with settlements coming in at $14.24/bu.  November did print a new one year high of $14.35/bu.  Soybean meal added $3-$4/ton on Monday as well.  Wheat markets soared higher as war tensions continue.  All three complexes ranged from 50-60 cents stronger.

Class III milk continued its aggressive rally trading limit higher in August, September, October, and November.  Expanded limits will be present in Tuesday's session as a result.  December and first half 2024 advanced 38 - 67 cents as well running Q1 2024 futures average up to $18.78/cwt.  2nd quarter 2024 settled at $18.62.  Class IV tagged along for the ride firming up 25-65 cents in 2023.  Q1 2024 was up big as well.    

Spot product markets excited on Monday.  Barrels leapt 17.5 cents/lb as bids were aggressive.  Block cheese gained 8 cents to $1.8625/lb as five loads traded hands.  Butter rose 3 cents to $2.6125/lb, 11 loads traded hands.  Whey traded twice and three quarters of a cent higher to $0.26/cwt.  Powder traded five times and 3 cents higher to $1.15/lb.  

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