Milk Prices Take a Beating
Milk markets were beat up on Wednesday following a lackluster product trade. Barrel cheese led the weakness as 9.5 cents/lb fell out of the market and settlement was printed at $1.79/lb. Block cheese declined 3.75 cents to a $1.85/lb price. Nonfat dropped 2.25 cents to $1.5925/lb while whey suffered another 2 cent loss to $0.42/lb. Butter was the lone product to gain adding 2.75 cents/lb to $3.06.
Class III prices saw August falter 34 cents and September 50 cents, respectively. Q4 2022 ranged from 35-39 cents lower. Outside of January losing 21 cents of value, most 2023 months were slightly lower to 40 cents higher. Class IV was off around 15-20 cents in 2022.
Grain markets were mixed. Corn added 2 cents in new crop to $5.96/bu. Soybeans lost 17 while meal closed $5/ton lower. The wheat complex had Minneapolis 2-3 stronger while Chicago was down 10-11 cents.
