Class III Continues its Slow Grind Higher
The U.S. Dairy Export report Tuesday shows the U.S. moving large volumes overseas despite the back up at the U.S. ports. Year over year, total exports were up 13%, with cheese up 18.1% Non Fat Dry milk up 15.4% and surprisingly Condensed and Evaporated milk up 128% over 2020.
Global Dairy Trade Event 293 was even to two weeks prior. Almost every product traded withing 1 % of last trade. Cheddar Cheese index up 7/10th of a percent, and Butter up almost half of a percentage.
The CME spot trade took this information and was up slightly across the board. Cheddar Blocks gained a penny to $1.80 ¾, Barrels gained a quarter of a cent to $1.79 ¼ with Butter holding unchanged at $1.69/lb.
Grade A Non Fat Dry Milk gained 1 ¾ cents to $1.41 ¾ with Dry whey gained half a cent to $0.59/lb.
Class III milk continued a slow grind higher. October up 1 at $18.21, November up 14 cents at $18.56, and November up 10 cents at $18.11/cwt. 2022 was 5-19 cents higher and first half is averaging at 17.87/cwt.
Class IV milk was quieter with 2021 months holding unchanged. October at 16.86, November at 17.29, and December at 17.41.
