Class III milk markets finished Friday slightly higher for the first time in what seems like forever. January closed 21 cents stronger while February added 15 cents and March was up 2 cents. The second quarter of 2023 ranged from 2 cents lower in May to 12 stronger in June. The second half was largely unchanged on Friday. Class IV markets in 2023 were unchanged with the exception of January which lost 10 cents/cwt.
CME spot dairy product values were mixed. Butter lost another 8 cents/lb and closed at $2.395/lb. Butter, for the week, dropped 46 cents/lb which places it #4 all time on the list of largest week-to-week declines. Block and barrel cheese performed better on Friday as prices gained 5 cents and 3.5 cents/lb, respectively. Blocks closed the week at $2.1225/lb while barrels ended at $1.795/lb. Whey and nonfat were both unchanged at $0.385/lb and $1.33/lb, respectively.
Grain markets turned in a positive day again. Corn rallied 5 cents to $6.66/bu. Soybeans were up 11 cents while the meal market gained $3/ton. Wheat led the complex adding 9-13 cents/bu.
