Today’s green on the CME started with stimulus talk and was fed by another positive move in the Global Dairy Trade Event.
Event 274 Tuesday saw an overall index bump of 1.3% with every product moving prior. Anhydrous Milk Fat was up 1.9%, Butter jumped 6% from two weeks higher. Cheddar saw gains of 4.2% with Lactose up 1.5% and Skim milk powder up 1.2%.
Washington is abuzz with talk of the next COVID-19 aid program as part of this week’s budget vote. Little details are known, but talk of another round for farmers to family boxes are feeding speculation.
The CME spot trade also had positives across the group. Butter gained 3 cents to $1.47 ½, Cheddar Blocks gained 2 ¼ cents to $1.65 ¼, Barrels gained 2 ¼ as well to $1.45 ¾. Grade A Non Fat Dry milk gained half a penny to $1.14 ¼, with Dry whey holding unchanged at $0.46 3/4/lb.
Class III’s march higher continued outside of Dec falling 5 cents to $15.79, January gained 22 to $16.32, and Feb gained 38 to $17.81/cwt. First half of 2021 is averaging at $17.30/cwt.
Class IV milk was unchanged outside of a couple months. Dec held at $13.46, Jan held at $13.87, and February gained 13 cents to $14.28/cwt.
