March Milk Futures Surpass $21
All spot product markets rallied in Friday’s CME dairy auction leading Class III and IV milk higher. Cheddar barrels rebounded 6.5 cents/lb to $1.7425 while blocks added 6 cents to a settlement of $1.79/lb. Butter traded another 19 loads on Friday with a 5-cent jump to $2.54/lb. Whey added a penny on a single trade with it’s close at $0.84/lb. Non-fat dry milk was up 3 cents to $1.805/lb, 7 loads were exchanged from sellers to buyers.
Class III markets were led higher by March as it closed 69 cents in the green at $21.38/cwt. All other months in 2022, except for December, ranged in stronger settlements from 15 cents on the low end to 47 cents on the higher end. Class IV saw very similar trade with many months around 30 or more cents stronger.
Grain markets were up across the board as well. Spot corn in March jumped 11 cents to $6.36/bu. New crop was up 2.75 cents at $5.695/bu. Soybeans traded 20 cents in the green on spot and 13.5 higher in the new crop. Soybean meal added another $6.5/ton. The wheat market ranged from 8-17 cents higher on the day.
