Class III Continues its Slow Grind Higher

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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.

 

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