A 70-cent rally in September Class III milk highlighted the dairy complex on Friday. September settled at $17.60/cwt but traded a range of $16.75/cwt to $17.67, nearly $1 wide. 4th quarter months ranged in gains from 14 to 48 cents higher as well. Q1 2022 turned in a solid volume day of trade which took the market essentially nowhere. January ended up 4 cents, February lost 3 cents, and March closed unchanged as did the remainder of 2022. Class IV markets had September down 4 cents while November and December traded 100 contracts but remained unchanged.
Cheese trade supported the Class III move on Friday. Barrel cheese rose 4 cents on 9 trades and closed at $1.45/lb. Blocks finished at $1.8125/lb as 3 loads were exchanged, and prices increased 3.25 cents. Butter closed unchanged at $1.67. Dry whey lost a quarter cent while non-fat dry milk was up ¾ of a penny.
The grain trade saw soybeans turn in a 25-cent run up to $13.65/bu. Soybean meal lagged adding $1-$2/ton through January 2022 whereas months beyond were unchanged to $1/ton lower. Corn settled unchanged while wheat markets ranged from 3-9 cents stronger.
