Prices Soar 15% Higher
On today’s GDT auction (event 279) prices soared 15% higher. Butter and Whole Milk Powder led the charge. Butter saw gains of 13.7% on aggregate to settle at $2.59/lb (US equivalent adjusted to 80% fat). This represents the highest price since October of 2017. Fonterra cheddar prices climbed 1.3% to $1.94/lb on US equivalent. This is the highest price since May.
Butter continues its rip higher, jumping 8 cents to $1.7150/lb to lead the CME Cash Dairy Product Trade. Block cheese added half a penny to $1.63/lb. Barrel cheese remained even. Grade A Nonfat Milk leapt 3.25 cents to $1.1750/lb. Dry Whey jumped ¾ of a penny to $.5675/lb.
Class IV milk has awakened to start the month of March. March exploded with a 62-cent gain to $14.90/cwt. April gained 12 cents to $15.13/cwt. Second half 2021 average jumped to $16.75/cwt. Class III milk was also impressive with several months breaking through $18/cwt. Second half 2021 average is $18.04/cwt.
Grains also printed green. May corn gained 6.75 cents to $5.45/bushel. May soybeans finished strongly at $14.1250/bushel. March soybean meal climbed $3.10 to $423.30/ton. May Chicago Wheat ascended 16 cents to $6.6625/bushel.
Fats and feeders were mixed. April live cattle were up 45 cents to $119.42/cwt. March feeders lost 67 cents to $136.52/cwt. April crude oil decreased $1.05 to $59.59/barrel.
