The CME barrels market didn’t show signs of slowing its ascent, adding a nickel to reach $2.4850 per pound. That’s the highest price since November 2020. Spot blocks were much calmer, easing by a half cent and settling at $2.2750 per pound. Meanwhile, butter regained about half the ground it gave up yesterday, with spots ending the day at $3.1300 per pound, up 4.5 cents.
The increase in barrel prices helped push Q4 Class III contracts to $23.17 per hundredweight, up 14 cents on the day. On a week-to-week basis, Q4 futures surged 98 cents versus the Friday before.
According to USDA, spot milk prices in the Upper Midwest hit a midpoint of $2.50 per hundredweight over class, the highest price for Week 37 since 2010. The top of the range reached as high as +$4.00. Last year’s midpoint was +$1.00, while the five-year average price was $0.05.
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