Milk markets found support despite a sell off in Cheese. The CME spot trade had a significantly weaker day on Wednesday with Cheddar Blocks hemorrhaging 9 ¾ cents to $1.93 1/2/lb and Barrels sliding 4 ½ cents to $1.90 1/2/lb – narrowing the block/barrels spread to 3 cents. Butter was the only product to find a bid and finished 2 ¾ cent higher to $2.39 ¾. Dry Whey fell ¼ of a cent to $0.44 1/4/lb and Grade A Non Fat Dry milk fell a quarter of ac ent to $1.14 3/4/lb.
Class III milk finished the day with March up a penny to $18.06, April down 2 cents to $19.50, and May down 8 to $18.50/cwt. The balance of 2022 we up 6-17 cents.
Class IV milk was unchanged for all of 2022 except for April. March held at 18.42, April up 9 to $18.06, and May held at $17.94/cwt.
Grain markets rallied on worries of cold and wet conditions continuing into planting and dryness in the wester wheat belt. Corn gained 3 ¼ cents to $6.50 ½, sb gained 9 ½ cents to $14.77 ¼ with Soybean meal up $0.30/ton to $458.20/ton.
With Ever. Ag this is Jenny Wackershauser on Know your Markets.
