Milk Prices See a Big Boost
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.