Dairy Markets Respond Negatively to the American Rescue Plan Act
The American Rescue Plan Act was announced by the USDA Wednesday. Replacing the Families to Food Box Program will be an increase in SNAP funds, and emphasis on WIC education, and funds to food banks to help them purchase more products for distribution. This stimulus round will concentrate more on feeding families that are struggling the most to afford healthy food.
The dairy markets were quieter after Tuesday’s fireworks. Class III Milk gained 6 cents in March to $16.40, April gained 14 cents to $17.94, and May up 16 cents to $18.15 per cwt.
Class IV milk gave a little back. March fell 20 cents to $14.62, April fell 8 cents to $15.29, and May fell 7 cents to $15.79 per cwt.
This followed a CME Spot market that had 17 loads of butter finding new homes at $1.69/lb, down 2 ½, Cheddar blocks gained 2 cents to $1.65 per lb. and Barrels held unchanged at $1.42 per lb.
Grade A non fat dry milk fell a quarter of a cent to $1.17 ¼, and dry whey unchanged at $0.56 1/2 per lb.
Grain and Feed was a bit weaker. Corn fell 10 ½ to 5.50 ¼, Soybeans fell 5 to 14.07 ½ and Soy bean meal fell $3.10 to $420.20/ton
