USDA released their August Cold Storage report on Sept. 25. Butter stocks shrank to 289 million pounds, down 40.3 million pounds from July. Cheese stocks were down just 3.5 million pounds from July, much lower than the 24.7 million decline that the 5 year average would show.
The CME spot dairy auction watched the butter market trade beyond $3/lb on Monday as it rallied 4 cents to $3.04/lb. No trades were executed as unfilled bids propelled the market higher. Dry whey was also stronger, gaining 2.25 cents and settling at $0.3250/lb. Block cheese ended unchanged at $1.78/lb. Barrel cheese lost 1.75 cents to $1.5825/lb on offers. Non-fat dry milk weakened 1.5 cents to $1.155/lb, five loads were transacted on Monday.
Class III milk markets were a bit mixed to kick off the week. October closed 13 cents higher at $17.29/cwt and November added 6. December onward ranged from even to 12 cents lower out through September 2024. Class IV on the other end saw prices fall back a bit. November declined 11 cents while December was off 14. 2024 months had a neutral to softer tilt as well.
Grain markets were able to shake off early weakness to carve out positive trade results. Corn added 4 cents and crossed back above $4.80/bu. Soybeans closed 1.5 cents higher, and meal was up $4/ton. The wheat complex was 2-9 cents stronger.
