How high can the spot trade go? After we saw limit moves Tuesday, the follow through bullish tone returned on Wednesday. Butter continued its wild ride – gaining 6 cents on 3 trades to finish at $2.71/lb, Cheddar also followed through with both Blocks gaining 5 cents to 2.06 ½, and barrels up 7 ¼ to $1.87 ¼. Both traded 3 loads and pushed our cheese average to $1.97/lb. Will 2022 give us $2 cheese again in the spot trade?
Grade A non Fat dry milk gained 2 ¼ cents to $1.66 ¾ with Dry whey holding unchanged at $0.75 1/4/lb.
Class III milk had January sliding 9 cents to $20.66, February finished the day 56 cents higher to $22.35/cwt and March up 31 to 21.75. The balance of 2022 was up 6-24 cents with only December lagging below $20.
Class IV milk extended their gains as well. January up 41 cents to $22.25, February up 89 cents to $22.40 with March up 81 cents to $22.36/cwt. The balance of the year seeing double digit gains except for Dec.
Grain markets were quieter with corn down 7 ¼ to $6.02 ¼, soybeans up 5 cents to $13.94 ¾, with soybean meal sliding $1.30 lower to $413.40/ton.
