Dairy markets resumed their rally on Monday with Class III prices closing 40 cents stronger in the August and September months. Q4 2023 saw some life as well but settled off their highs by a considerable amount. October finished 18 cents higher, November was up a nickel, and December closed 8 cents lower. Dairy selling in 2024 limited gains as well with futures ranging from 3 higher to 13 lower. Class IV markets had limited trade in 2023 and early 2024. Q3 2024 priced in strong gains, however.
CME spot markets saw barrel cheese trade steadily higher gaining 10.75 cents/lb to $1.87. 3 loads were exchanged from seller to buyer. Block cheese prices added 5.25 cents to $1.96/lb, a single transaction was seen. Butter and whey remained unchanged on Monday. Two trades were seen in butter. Nonfat dry milk lost 1.25 cents to $1.1475/lb.
Grain prices helped dairy margins on Monday as well. Corn fell 17 cents and closed the December new crop price at $5.13/bu. Soybeans dropped off 50 cents in November to $13.31/bu. Soybean meal softened $10/ton with many of the new crop months falling beneath $400/ton. The wheat complex ranged from 35-40 cents lower.
