The USDA released February cold storage data on Wednesday on what was otherwise a lackluster day in the diary trade. Total cheese stocks grew in February by 24 million lb., 2 million more than our five year average. Putting cheese stocks at 1.469 billion lb. of cheese in storage. That is a gain year-over-year of 2.3%.
Butter stocks grew by 44 million lb. in February. This compares to a five year average increase of 39 million lb., however we are 26% below a year ago’s level of butter in storage. Total inventory sits at 263 million lb. in Cold Storage.
The CME spot trade saw Cheddar gain again. Blocks gained 3 cents to $2.24/lb with 1 load trading hands and barrels gained 3 ½ cents to $2.19/lb with 5 loads moving. Butter also moved slightly higher, up ½ a penny to $2.80 1/4/lb.
Grade A Non Fat Dry milk also picked up ¾ of a cent to move to $1.87/lb with Dry whey holding unchanged at $0.75 1/2/lb.
Class III Milk had March down 3 to $22.39, April down 10 to $24.21 but May gained 6 cents to $25.09/cwt. The balance of 2022 was unchanged to down 15 cents.
Class IV Milk saw some gains. March was unchanged at $24.85/cwt, April gained 13 to $25.33, and May gained 15 to $25.43/cwt.
