Dairy markets on Monday started off with a little bit of strength. November futures added 26 cents to a $20.47/cwt settlement. December futures gained 19 cents to $19.00. First half 2023 milk prices ranged from 9 cents lower to 4 cents higher. The average stands at $19.43. Class IV 2022 markets struggled as November declined 35 cents while December was off 7 cents/cwt, respectively. First half 2023 Class IV months ranged from 5 - 23 cents softer.
The CME spot dairy auction saw butter take the dip that most had expected for quite some time. Butter lost 19.5 cents/lb and ended at $2.945 as four loads traded hands. Block cheese was unchanged at $1.96/lb. Barrels added 1.75 cents/lb as three loads were moved. Grade A nonfat dry milk dropped a half cent to $1.425/lb. Dry whey added a penny to $0.44/lb.
The grain markets bounced on the Sunday night into Monday trading session following Russia’s cancellation of the deal to move grain out of Ukraine. Corn ended 10 cents stronger but 9 cents off the highs. Soybeans were up 19 cents to $14.07/bu. Meal added $3/ton. The wheat market jumped 30-40 cents/bu.
