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Class III futures ended the day mixed after showing initial strength mid-morning.
Cheese values continued their ascent higher on Thursday following Monday’s announcement of the extension to a fifth round of the food box program.
$1.5 billion is earmarked for another round that will provide nonprofits with food boxes that will contain 5-6 pounds of Cheese, yogurt, butter, cream cheese, or sour cream.
Class III milk futures traded higher only to change directions as we moved through the spot cheese trade.
The Grinch returned to the cheese markets Thursday as Markets closed early for the Christmas Holiday.
Class III milk turned in another interesting trade on Wednesday as futures markets traded as high as the limit of $1.50/cwt before decreasing and settling near 75-80 cents stronger in January and February.
Class III milk turned in mixed results on Friday.
Today’s green on the CME started with stimulus talk and was fed by another positive move in the Global Dairy Trade Event.
Futures once again sold off late in the session after showing initial strength. December gained 1 penny to $15.80.
A stronger open across the forward curve was seen early and peaked after the CME spot dairy auction at limit up in Q1 2021.
First half 2021 ended the session with an average north of $17 while second half prices are now pushing $17.40/cwt.
Green lit up the commodity markets on Wednesday.
Products across the board were neutral to modestly higher Tuesday in the CME Cash Dairy Product Trade.
Class III milk futures soared to follow up Friday’s USDA solicitation announcement purchases on both butter and fluid milk.
Class III milk started the day higher, buy lost steam into the end of trading.