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Friday’s cold storage report gave us a mixed bag of information after a fairly bullish milk production report earlier this week.
Blocks and barrels finished lower to start the week in the CME Cash Dairy Product Trade.
A quiet end to a nice week in the dairy markets. Only Butter failed to improve their weekly average from last week.
Green was a popular color on CME ag commodity screens to kick off the week on Monday.
Markets were calm across the board to close out the week.
Class III milk values endured weakness in the fourth quarter of 2021 with October losing 21 cents, November 20 cents, and December off 4.
A 70-cent rally in September Class III milk highlighted the dairy complex on Friday.
Class III milk futures exploded higher for the first time in a while.
Despite a stronger cheese session to kick off the week on Monday, Class III milk prices fell.
Butter stocks totaled 414 million lb. in June, just 2.6 million more than the month prior.
Cheddar was the sole product settling in the green today, up 1.3% for Global Dairy Trade 288.
The CME spot trade saw blocks jump 8 ¾ cents higher on 2 trades to $1.71/lb and Barrels jumping 4 cents higher to $1.55/lb.
The milk complex on Monday softened once again.
The grain markets experienced a rough start to the week on Monday as weather forecasts 10-14 days out predict cooler and wetter patterns to bring relief to areas in need of some rain.
Class III milk futures finished the week trading a tight window of prices.