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Class III milk markets finished Friday slightly higher for the first time in what seems like forever.
The U.S. butter inventory finished November at 200 million pounds.
Class III Q1 milk futures averaged $19.04, down just over 17 cents.
China has eased some COVID protocols, but that did not translate into significant news for dairy.
Q1 Class III markets plummeted to $19.29, giving up 33 cents on the day.
Q1 Class III Futures gave up 28 cents settling in at $19.62/cwt as Q1 All-cheese futures declined almost 2 cents to $1.9943/lb.
Class III Milk futures have sustained their rally from the end of last week, with December settling upward 7 cents at $20.48.
A sideways spot trade fed the week of falling milk prices.
According to the USDA Cold Storage report, U.S. butter stocks totaled 239.6 million pounds in October, down 14.1% on the year.
Compared to last year, the 2022 herd now stands 31,000 higher.
Class III milk futures were slightly lower on the day.
CME spot dairy index prices performed stronger on Friday as cheese led the way.
Grain prices stay quiet while milk prices rocket higher.
Despite spot cheese moving lower, class III milk futures rallied.
Prior to the release of the USDA Dairy Products report, the CME spot trade and futures kept the momentum moving higher.