Milk Values in Class III Printed Green
The spot cheese markets once again saw great volumes trade during Thursday’s session. Block cheese lost 2.25 cents while moving 9 loads and settling out at $1.58/lb. Barrel cheese added a quarter cent to a closing price of $1.6275 with 12 loads moving and 11 uncovered offers left hanging in the market. Butter gained 1.25 cents on a single trade and finished at $1.8675/lb. Grade A nonfat dry milk closed unchanged at $1.3025. Whey rose a half cent to $0.645/lb.
Milk values in Class III printed green on Thursday. Most months rallied around 3-8 cents/cwt higher from May 2021 through the end of the year. June is now pricing out at a value of $18.34/cwt while the second half average is $19.125/cwt. Class IV trade went the opposite route as futures in second half 2021 fell double digits in many months. The second half average sits at $17.76/cwt.
The grain complex watched corn turn around a bit as the July spot price added 6 cents while new crop December was up 13 at $5.52/bu. Soybeans declined 5 cents on the spot market and new crop dropped 1.5 cents/bu. Meal values ranged from a buck higher to $2/ton lower across calendar years 2021 and 2022. Wheat softened in all three complexes as the Kansas City wheat tour is reporting big yields.
