Cheese finally found a bid and took off in the CME spot trade. After floundering for weeks below $1.90/lb Cheddar Blocks catapulted higher, gaining 9 cents to $1.85/lb and Barrels followed along, gaining 6 cents to $1.93 1/2/lb. Butter also had a good day as it moves to levels we have not visited since September of 2015! Butter gained 2 ¾ cents to $3.14 3/4/lb.
Dry powders were much quieter. Dry Whey held unchanged at $0.45/lb with Grade A Non Fat Dry milk giving back ¾ of a cent to be the only red on the spot trade at $1.53/lb.
Class IV milk finished up it’s strong move Tuesday with small moves nearby and big gains in 2023. September held unchanged at $24.12, October gained 4 cents to $24.14 and November was 8 higher at $23.45. Jan – March 2023 gained 16-46 cents to average at $22 even.
Class III milk saw nice gains with September up 17 to $19.84, October jumping 25 to $20.34, and November up 15 to $20.85/cwt.
Crude oil pressured the balance of the commodities tradeing $3-5/barrel lower all day and moving as low as $81.70/barrel. Values that we have not seen since early January. Corn couldn’t hold early gains and finished down 5 cents to $6.71/bu, Soybeans fell 15 ¼ cents to $13.80 ¾ with Soybean meal gaining $4.40 in October to $415/ton.
With Ever.ag this is Jenny Wackershauser for Know your markets.
