Markets took a bit of a nap following a day off for President’s Day. Tuesday started with the Global Trade Event 278. The Oceana dairy markets saw another move higher with the overall index gaining 3% over two weeks prior. All of the products traded higher with Butter up 2%, Cheddar index up 2.4%, Skim Milk powder only gained 0.3%t, but Whole Milk powder jumped up 4.3%.
The CME spot trade only had 6 total loads of product move. Butter was 2 of those and jumped 6 cents higher to $1.45 ½, Grade a Non Fat Dry milk moved the other 4 loads to gain a quarter of a cent to $1.11 ½. Whey was unchanged at $0.54 1/4/lb. Cheddar blocks and barrels failed to move a load and held unchanged with Blocks at 1.55 ¾, and barrels at $1.49. Our Block/barrel spread holds at 6 ¾ cents.
Class III Milk made small gains. February up 1 cent to $15.64. March up 14 cents to $16.70, and April up 12 cents to $17.26 per cwt.
Class IV did the same. February was up 3 cents to $13.42, March was up 13 cents to 1$4.12 and April gained 23 cents to $14.88 per cwt.
The Grain complex continued to grind higher. Corn was up 13 ¼ to 5.52 ¼, Soybeans gained 12 ¾ to 13.84 ¾, with Soybean meal gaining $1.20 to $428.40/ton.
