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Today’s stout April cheese export data offered a good reminder that competitive U.S. prices can help move the needle on exports.
Class III and Class IV milk prices take a major hit on the chin.
Today’s GDT event was supportive, with increases in powders and cheese fueling further gains in Class III and IV futures.
Friday brought on late buying as the milk markets finished the week with a swing back higher.
Returning from the extended holiday weekend, dairy markets opened the week on a bearish note.
Milk markets put in one of its quieter days over the past month on Monday.
Green returned to milk markets Friday as we finish the week on a strong note in a highly volatile market.
Third quarter Class III futures dropped to $18.02 per hundredweight, a 14-cent loss.
Class III Milk markets have been less than exciting.
Cheese continued its descent on Monday as cheddar blocks fell 2.50 cents and barrels were down 2.75 cents. Class III values also reacted in a weaker tone.
Another weak Class III performance was experienced on Monday following last week’s downturn in price.
Milk markets closed a very rough week in similar fashion on Friday.
Class IV markets continue to be supported globally.
Milk markets continue to widen the Class IV/III spread as Class IV holds over $20 for 2024 calendar and Class III milk bounces around.
Futures values ended up rallying 40 cents in the February contract while March and April were up 50+ cents.