Class III Gains More Momentum, Trades Mostly Higher
After a big move day on Tuesday, Wednesday dairy market was calm and steady. The CME spot trade saw butter lead the trade again moving 1 cent higher to $1.94/lb. We have not traded here since May of 2020. Cheese was mixed with Barrels gaining back 1 ¾ cents to $1.84 ¾ with blocks down 1 ½ cents to $1.75 3/4/lb. Our block/barrel spread got more inverted with barrels on top by 9 cents.
Dairy powders were also mixed. Grade A Non Fat Dry milk fell 1 ¾ cents to $1.52 ¾ with Dry Whey gaining a quarter of a cent to $0.62 1/4/lb.
Class III milk mostly traded higher. October up a penny to $17.87, November up 10 cents to $18.84, and December gained 11 to $18.71/cwt. 2022 was a penny lower to 9 cents higher.
Class IV milk was mostly unchanged. October at 17.05, November at 18.29, and December gained 9 cents to 18.70/cwt. 2022 markets were 7 cents lower to 10 cents higher in a mixed move.