Milk Price Futures Climb Higher
Dairy markets found follow through strength on Tuesday following the bounce experienced on Monday. October 2022 Class III ended six cents stronger while November jumped 42 cents and December gained 26 cents. 2023 months closed the day in a mixed fashion ranging from 9 cents lower to 10 cents stronger. Class IV was relatively flat for the most part.
CME spot dairy auction markets watched butter gain back 3.25 cents/lb to a settlement value of $3.21. Barrels followed suit adding 1.75 cents to $2.2275/lb. Blocks were unchanged on the day at $2/lb. Nonfat dry milk lost a half cent to $1.5375. Whey suffered a 1.75 cent loss with its closing price at $0.4225/lb.
Event 317 of the Global Dairy Trade ended with the overall index suffering a 3.5% decline. All products that were made available dropped with butter leading the charge falling 7% to a value of $2.205/lb. Cheddar lost 3.8% to $2.2525/lb. Skim milk powder softened 1.6% to $1.585/lb while whole milk powder declined 4% to $1.62/lb.
The grain complex watched corn add 2-4 cents/bu. December corn ended at $6.83/bu. Soybeans gained 10 cents to $13.83 while meal lost $4/ton and remains near $400/ton. The wheat complex traded slightly lower on Tuesday.
