Milk finished the week on a continued move higher. A mixed CME spot trade continued the trend this week with a Friday move higher in Class III and Class IV milk. Class III milk had February slid 2 cents to $17.94, but March jumped 13 to $18.06, and April gained 10 to $18.39/cwt. The balance of 2023 were up 1-15 cents.
Class IV milk jumped nicely. February up 10 to $18.95, March up 28 to $19.13, and April jumped 32 cnets to $19.22/cwt. The balance of the curve seeing double digits gains as much as 42 cents in June.
The CME spot trade had Cheddar blocks sliding a penny to end the week at $1.86 ¼, with barrels gaining a half cent to $1.57 ½. Butter slid half a cent higher to $2.41 ¼, values we haven’t seen since early January.
Grade A Non Fat Dry Milk gained 2 ¼ cents to $1.26 ½, and Dry whey held unchanged at $0.42 1/2/lb.
Grain markets finished the week towards the high side of recent ranges. Corn up 9 ¾ cents to $6.80 ½, Soybeans gained 23 ¼ to $15.42 ½, with soybean meal gaining $3.90 to near contract highs at $399.40/ton.
With Ever.Ag this is Jenny Wackershauser on Know your Markets.
