Butter puts in new highs to end the week. Trading 11 loads in the CME spot trade and jumping 7 ½ cents higher to $2.12 1/4/lb. We have not traded over $2.10 butter since September of 2019. Adding more support to $20 plus Class IV milk. Cheese continues to hold steady and was unchanged for barrels at $1.68/lb with blocks gaining 1 ½ cents to $1.86 1/2/lb.
Dry powders were also steady to higher. Grade A Non Fat Dry milk gained 3 cents to $1.62 ½ and Whey holds unchanged at recent highs of $0.71 1/4/lb.
Class IV milk continues to lead the trade, with 2022 pushing well over $20/cwt. We have not visited $20 plus in Class IV milk since the markets fell off of 2014 highs into 2015. December finished the day up 18 cents to $19.78, January gained 40 to $20.35, and February gained 37 cents to 20.45/cwt.
2022 Class III Milk also had small gains on Friday, but nearby was stagnant. December slid 1 cent to 18.60, January was unchanged at 19.82 and February gained 11 cents to 19.96/cwt. The balance of 2022 saw gains of 9-26 cents.
Grains finished the week higher on quiet trading. Corn at $5.90/bu, Soybeans at 12.67 ¾, with soybean meal jumping to $377.90/ton.
