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May milk moves back over $25, as the rest of the dairy markets took a nap.
Class III Milk saw May gain 51 cents to $24.72, June gained 37 to $24.30 and July gained 39 to $24.12/cwt.
Butter prices at the latest Global Dairy Trade event plunged 12.5% to $5,807 per metric ton, or $2.63 per pound on an 80% butterfat equivalent.
Class III milk markets settled 40-50 cents lower although certain months were trading down near a limit of 75 cents near the close.
Dairy Markets make a nice rebound Thursday as the CME spot trade finds support.
Class III milk futures were higher across the board.
Class III milk prices closed double digits lower in all months between May 2022 and September 2023.
In the Class III complex, May milk’s settlement price closed into new contract highs at $25.55/cwt.
Friday continued a slow gain in the milk markets for the week.
We are 26% below a year ago’s level of butter in storage.
The bears drove the market Wednesday as we saw most commodities move lower.
Global Dairy Trade event 304 concluded on Tuesday with the overall price index down 0.9%.
April milk jumped 39 cents to $23.39 per cwt. May milk finished 43 cents higher to $23.50 per cwt.
Cheddar stole the show, settling nearly 11% higher to an all-time high average price of $2.96 per lb.
Class III milk closed with a strong session as futures months were up 5 to 27 cents.