Milk Prices See a Big Boost

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CME spot product markets were mainly higher to kick off the week.  Cheese led the charge as blocks gained 14.25 cents to $2.1975/lb as two loads exchanged hands.  Barrels rallied 10 cents on 7 trades and ended at $1.825/lb.  Butter closed at $2.42/lb as it gained 3.75 cents.  Whey was unchanged at $0.39/lb.  Nonfat dry milk lost 2 cents to $1.2775/lb.  

Class III milk markets jumped 39 cents in January to $19.70/cwt.  February rallied 56 cents to $19.15/cwt and March added 27 cents to $18.71.  April through August 2023 were also up double digits.  Class IV markets declined on Monday throughout 2023.   

Corn fell a penny to $6.53 on the March 2023 contract.  Soybeans softened a nickel with new crop coming in at $13.92/bu.  Soybean meal dropped $6/ton.  Wheat declined 1-3 cents across all three complexes.

 

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