CME spot dairy auction results were even to higher on good volumes on Monday. Dry whey was unchanged at $0.675/lb with zero volume at the spot session. Barrel cheese led the charge adding 5.25 cents/lb to $1.7425/lb as 5 loads exchanged hands from seller to buyer. Blocks, butter, and nonfat dry milk each rose 2 cents with blocks moving 7 loads, butter 8, and nonfat a single load. Blocks closed at $1.80/lb. butter $1.87/lb, and nonfat at $1.235/lb, respectively. On Tuesday we will see the next GDT event released and update to Oceania prices.
Class III milk price movement was essentially a nonevent on Monday. April added 3 cents while May was up 12 and June 4 cents. Beyond June, prices in the 2nd half ranged from 5 lower to 2 cents higher. 2022 prices added a couple of cents. Class IV milk strung together a solid performance once again as prices jumped 13 to 25 cents/cwt between May and September.
The feed grain complex was also higher in corn and soybeans. Corn rallied 8 cents in new crop December and ended at $5.20/bu. Soybeans rose 16 cents in old crop while new crop added a dime to $12.84/bu. Soybean meal was up $5/ton in 2021 while 2022 months went $2/ton higher. The wheat complex ranged from a penny lower to 2.5 cents stronger.
