Spot Butter Surges Higher
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Spot butter surged 9.50 cents higher to $2.40/lb in the CME Spot Dairy Auction.  This marks the highest price since July of 2019.  Block cheese climbed 2 cents to $1.93/lb.  Barrel cheese 4.50 cents to $1.6325/lb.  Whey held steady at $.75/lb.  NFDM slipped half a penny to $1.6625/lb. 

Class III milk futures were mixed.  January milk fell 4 cents to $19.85/cwt.  February milk soared 20 cents to $20.40/cwt.  March milk was up 8 cents to $20.27/cwt. Class IV milk rallied 8-25 cents higher with the nice move higher in butter today. 

The grain market lost steam throughout Tuesday, with most of the grains ending lower on the day.  March corn lost a dime to $6.0475/bushel.  January soybeans fell 3.25 cents to $13.5925/bushel.  March soybean meal gained 80 cents to $409.10/ton.  March Chicago Wheat dropped 20.50 cents to $7.8350/bushel. 

The livestock sector was mixed on the day.  February live cattle gained 12 cents to $139.40/cwt.  January feeder cattle advanced $1.15 to $163.55/cwt.  February lean hogs declined $1.02 to $82.62/cwt.  February crude oil added 36 cents to $75.93/barrel. 

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