Today’s CME spot dairy auction saw a mainly higher trade in its products. Barrel cheese led the move as it gained 5 cents/lb to $1.59 on bids. Block cheese added 3 cents to $1.91/lb as two loads were exchanged from seller to buyer. Butter gained two cents to $2.45/lb after a single load was transacted. Whey ended unchanged at $0.465/lb. Nonfat dry milk lost 1.5 cents to $1.20/lb.
Class III milk settlements were all over the place on Monday. March ended 14 cents stronger at $17.86/cwt while April was 6 cents stronger to $17.66. The remaining months in 2023 ranged from 8 cents lower to 4 cents stronger. Class IV markets didn’t fare quite as well but did range from 10 cents lower in June to 4 cents stronger in November.
Grain markets softened up again on Monday. Corn lost another 5-7 cents/bu in the spot market as funds continue to exit. Soybeans were off 10 cents while bean meal was up a buck/ton. The wheat complex softened double digits in 2023.
