Class IV markets continue to be supported globally. Skim Milk Powder prices at the recent Global Dairy Trade Pulse event rose to $1.26 per pound, up 4.5% versus the previous Pulse and +1.6% compared to Contract 2 at the latest main vent. WMP settled at $1.52 per pound, up 1.9% from the latest Pulse, but down 2.4% versus Contract 2 at the most recent main event. At home in the U.S. Spot Nonfat Dry Milk dipped to $1.1925 per pound, easing by $0.0075, with eight lots trading. The March NDM contract slipped to $1.2050 per pound, giving up $0.0125. Spot butter held steady at $2.7125 per pound, with no loads trading. Second-quarter butter futures lifted to $2.8249 per pound, adding 0.0241.
In Class III milk, Spot blocks remained at $1.5850 per pound, with three loads exchanged. Barrels ticked up to $1.6000 per pound, a half-cent higher, with one lot changing hands. March Class III futures climbed to $17.43 per hundredweight, gaining 17 cents. The March “all cheese” contract advanced to $1.7160 per pound, $0.0160 higher. Spot dry whey was unchanged at $0.5200 per pound, with zero lots exchanged. The March dry whey contract decreased to $0.4920 per pound, losing $0.0080.
March corn futures rose to $4.3075 per bushel, tacking on $0.0025. The March soybean contract declined to $11.8625 per bushel, shedding $0.0675. Crude Oil gained some market share to $77 per barrel while cattle markets dropped 50 cents to $1/cwt in both fat and feeder cattle.
