Dairy markets were mixed to finish out the short week. Class III futures weakened in the front months with second quarter prices knocking more than a penny lower despite an uptick in today’s barrel spot price. Today’s USDA Milk Production report will likely set the tone for the week ahead. Markets outside the dairy complex faded to round out the day. Nearby corn dropped back to $4.9125 per bushel – $0.0675 lower on the day. Beans backed off as well. The Dow Jones Industrial Average, meanwhile, slumped to 43,394 – down 1.77%. Reports suggest that ongoing concerns around persistent inflation, a still slow economy, and policy uncertainty are taking a toll.
Today’s Highlights from Ever.Ag’s Know Your Markets
- CME markets didn’t see a lot of movement ahead of USDA’s Milk Production report. Blocks were unchanged, while barrels ticked up 1.5 cents to end the week at the $1.8000-per-pound mark, with two lots traded. Spot NDM continued its trek lower, slipping to $1.2400 per pound, down a penny, with one lot trading. Butter dipped to $2.4150 per pound, losing $0.0075, with five loads exchanged.
- USDA’s January Milk Production report was neutral, with US milk output up 0.1% year-over-year. That was the first yearly since October, but behind expectations. California’s output continued to lag prior-year levels, but moderated some, down 5.7% on the year. The US dairy herd added 10,000 cows from December to January.
- Old-crop corn and soybean export demand remains strong. Corn sales totaled 1.454 million metric tons and soybeans reached 480,278 metric tons, both at the upper end of expectations. But there were no 2025-26 crop corn sales, and new-crop soybeans were at the low end of predictions at 19,342 metric tons.
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