With the exception of whey on the CME spot dairy auction, dairy markets had a strong start to this week. Whey declined 4.75 cents/lb to a value of $0.485/lb as seven loads exchanged hands. Cheddar blocks rose 5.75 cents on a couple of trades and a settlement of $2.365/lb. Barrels added 2.25 cents with seven trades taking place and a settlement of $2.4175/lb. Butter also moved seven loads and rose 3.5 cents with it’s settlement coming in at $2.74. Grade A nonfat dry milk was a half cent stronger on bids. Tomorrow we’ll see the next update to Global Dairy Trade.
Class III milk markets jumped 50+ cents/cwt in the June through September 2022 markets on Monday. Q4 2022 was also up 17-35 cents while first half 2023 ranged from even to 19 cents stronger. Class IV saw some strength as well, gaining around 20 cents from June through August 2022. Beyond August, results were a bit more sporadic as months ended even to 28 higher.
Grain prices were lifted once again on Monday as India announced an export ban on Friday to protect domestic supplies. Many were hoping additional exports from India might offset some of the losses we’ll see out of Ukraine. Chicago and Kansas City wheat rallied 70 cents in the spot month while Minneapolis spot price gained 60. Corn was up 28 cents in the spot and 17 in the new crop, December closed at $7.655/bu which established a new high close. Soybeans closed 12 higher and soybean meal added $5/ton.
Source: Dairy Herd Management