Global Dairy Trade Event 299 took place on Tuesday – the overall index up 0.3%
- Butter +0.3% @ $2.66/lb when adjusted to 80% fat
- Cheddar +4.7% @ $2.49/lb
- Skim Milk Powder +0.7% @ $1.71/lb, Whole Milk Powder 0.0% @ $1.75/lb
Butter launched an explosive 16 cent gain, settling at $2.65/lb in the CME Spot Dairy Auction today. Barrel cheese surged 8.75 cents higher to $1.80/lb. Block cheese crossed the $2.00 threshold, finishing at $2.0150/lb. Whey was unchanged at $0.7525/lb. NFDM settled in place at $1.6450/lb.
Class III milk futures saw a limit move of 75 cents higher starting in February out through April. Prices range from $21.10-$21.79/cwt. January milk advanced 67 cents to $20.70/cwt. Class IV prices climbed anywhere from 1-55 cents higher in 2022.
The grain markets shot higher Tuesday. March corn tacked on 20.50 cents to $6.0950/bushel. January soybeans jumped 34.75 cents to $13.7875/bushel. March soybean meal added $3.40 to $414.70/ton. March Chicago Wheat gained 12 cents to $12.70/bushel.
The livestock sector was lower on the day. February live cattle fell $1.10 to $137.82/cwt. January feeders declined $3.57 to $162.67/cwt. February lean hogs gave up 97 cents to $80.15/cwt. Crude oil rose $1.14 to $77.22/barrel.
