Milk Markets Hit the Brakes
Updated: Feb 21
All markets in ag experienced light trading volumes ahead of the three-day weekend. Class III saw the March contract as the leader in volume at a whopping 135 trades. Only two other months broke into triple digits (May and June). 2023 monthly settlements on Friday ranged from a penny higher in March to six lower in April and July. Class IV had just one trade happen in the entire complex. That was in the April 2023 contract which closed a nickel higher.
CME spot dairy markets were mixed. Butter fell 4.5 cents/lb on 3 trades and closed at $2.375/lb. Whey increased a penny on a single trade to $0.45/lb. Cheddar barrels, blocks, and non-fat dry milk all closed unchanged on Friday. Three transactions took place in the barrel market while no trades were seen in the other two.
The grain complex saw the corn market gain two cents on Friday with spot prices ending at $6.775/bu. Soybeans closed a penny higher while the meal market was mixed. The wheat complex ranged from 4.5 cents lower to 8.5 cents stronger.
February 17, 2023