Dairy markets were off to the races to start the holiday-shortened week. After a supportive Cold Storage report last Friday, butter surged to the highest price since January. Butter futures settled limit-up (+7.5 cents) across most 2025 months. Nonfat also did its part in fueling the Class IV strength, with spot hitting $1.27 and futures up across the curve. The Class III complex wasn’t left behind – after Friday’s sell-off, blocks were bid back up to $1.92 today and Class III futures climbed anew.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME butter shot up a dime to $2.5200 per pound, the biggest single-day increase since January 2024. Seven loads changed hands. CME cheese markets recovered a bit after Friday’s tumble, with blocks up a nickel to $1.9200 per pound and barrels gaining $0.0125 to settle at $1.8650. Five lots of blocks and six of barrels traded. Spot NDM also climbed, up $0.0175 to $1.2700 per pound, with one lot exchanged.
- Following the leap in spot butter, butter futures settled limit up (+7.5 cents) for June through December. Class IV also spiked higher, with second half contracts closing at $20.08 per hundredweight, a 61-cent gain. The July Class III contract surged to $20.16 per hundredweight, tacking on 51 cents.
- Milk powder prices declined at this week’s GlobalDairyTrade Pulse event. WMP dropped to $1.90 per pound, down 3.8% versus the previous main auction, while SMP slipped to $1.29 per pound, 1.7% lower.
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