Bearish tones continue to plague Class III milk, namely cheese. Spot blocks were unchanged at $1.5000 per pound, with two loads changing hands. Barrels dipped to $1.4600 per pound, down $0.0075, with zero lots exchanged. Second quarter “all cheese” contracts decreased to $1.7297 per pound, $0.0143 lower. February Class III futures dropped to $15.68 per hundredweight, losing 21 cents. Spot dry whey ticked up to $0.4350 per pound.
Class IV markets look to be steadier. Skim Milk Powder prices at the latest Global Dairy Trade Pulse auction climbed to $2,645 per metric ton, or $1.20 per pound, up 3.7% versus the most recent Pulse and +1.5% compared to Contract 2 at the previous main event. WMP settled at $3,263 per metric ton, or $1.48 per pound, up 1.3% compared to the latest Pulse, but down 1.9% versus Contract 2 at the most recent main auction. In the U.S., Spot NDM advanced to $1.1900 per pound, gaining 1.5 cents, with one lot trading. The February NDM contract eased to $1.2013 per pound, $0.0013 lower. Spot butter remained at $2.5450 per pound, with no loads trading. Second-quarter butter futures rose to $2.6036 per pound, tacking on $0.0123.
March corn futures lifted to $4.4650 per bushel, up $0.0075. The March soybean contract jumped to $12.3950 per bushel, gaining $0.1525. Live and Feeder Cattle both had green days, tallying up to $174.650 and $231.000, respectively. Crude Oil fell back to $74.50 per barrel.
