Dairy markets do not seem too concerned about U.S. milk production growing at its fastest pace in two years. A strong amount of spot cheese traded hands, but prices moved higher into the $1.60s. Reports of cheese export interest picking up appear to be helping support our domestic price. NDM continues to struggle to find a footing, with buyers bidding 3-5 cents under market. California milk production is recovering, which should increase NDM production and weigh further on the price.
Today’s Highlights from Ever.Ag’s Know Your Markets
- The CME barrel market was the big mover today, leaping eight cents to $1.6300 per pound. Blocks took a more modest step higher, up $0.0175 to $1.6200 per pound. Eleven lots of blocks and four of barrels changed hands. Spot butter climbed to $2.3300 per pound, adding $0.0275, with one load exchanged. Spot NDM eased by a quarter cent to $1.1425 per pound, with one lot trading.
- The jump in spot cheese markets carried over to Class III futures, with April and May contracts settling at $17.05 and $17.32 per hundredweight, gaining 17 and 18 cents, respectively.
- Grain markets are looking ahead to next week’s Quarterly Stocks and Prospective Plantings reports due out March 31. Meanwhile, corn contracts through the rest of 2025 ticked only slightly higher, with May futures up a quarter cent to $4.6450 per bushel. Soybeans, meanwhile, dipped lower through the rest of the year. The May contract eased 2.5 cents to $10.0725 per bushel.
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